Black's Law Dictionary defines a "license" as a permit, granted by an appropriate granted body, generally for a consideration, to a person, firm or corporation to pursue some occupation to carry on some business subject to regulation under the police power. Liquor licenses and permits are revocable privileges granted by the authority of the Commonwealth. Any licensee who violates M.G.L. Chapter 138 or any regulation promulgated by the Commission or the local licensing authority may be stripped of their privilege of holding a license, after a hearing.