Texas Alcoholic Beverage Code

§ 28.04 — CHANGE IN CORPORATE CONTROL

AL § 28.04Title 3. LICENSES AND PERMITS · Part A. PERMITS · Ch. 28. MIXED BEVERAGE PERMIT

Statute text

(a)A mixed beverage permit held by a corporation may not be renewed if the commission or administrator finds that legal or beneficial ownership of over 50 percent of the stock of the corporation has changed since the time the original permit was issued.

(b)The commission or administrator may adopt reasonable rules and regulations in accordance with the provisions of this section.

(c)A corporation which is barred from renewing a permit because of this section may file an application for an original permit and may be issued an original permit if otherwise qualified.

(d)This section does not apply to a change in corporate control:

(1)brought about by the death of a shareholder if the shareholder's surviving spouse or descendants are the shareholder's successors in interest; or

(2)brought about when legal or beneficial ownership of over 50 percent of the stock of the corporation has been transferred:

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 986 (S.B. 1217), Sec. 4, eff. September 1, 2007.