(a) On approval by the Board, a holder of a license may transfer the license to other premises in the same election district if the premises for which the license was issued is:
(1) substantially destroyed by fire, explosion, or catastrophe;
(2) taken by condemnation; or
(3) taken by the exercise of the power of eminent domain.
(b) If the license holder does not request a transfer of the license within 6 months after the date of loss, the license shall expire and be available to be issued to an applicant.