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7.1-3-21-5. Corporations; officer and stockholder qualifications

IN Code § 7.1-3-21-5 (2019) (N/A)
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Sec. 5. (a) The commission shall not issue an alcoholic beverage retailer's permit of any type to a corporation unless sixty percent (60%) of the outstanding common stock is owned by persons who have been continuous and bona fide residents of Indiana for five (5) years.

(b) The commission shall not issue an alcoholic beverage dealer's permit of any type for the premises of a package liquor store to a corporation unless:

(1) sixty percent (60%) of the outstanding stock in the corporation is owned by persons who have been continuous and bona fide residents of Indiana for five (5) years; and

(2) the stock described in subdivision (1) constitutes a controlling interest in the corporation.

(c) Each officer and stockholder of a corporation shall possess all other qualifications required of an individual applicant for that particular type of permit.

[Pre-1973 Recodification Citation: 7-2-1-13.]

Formerly: Acts 1973, P.L.55, SEC.1. As amended by P.L.72-1996, SEC.12; P.L.72-2004, SEC.13; P.L.165-2006, SEC.30; P.L.107-2015, SEC.3; P.L.133-2016, SEC.5; P.L.214-2016, SEC.24.

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7.1-3-21-5.2. Limited partnerships; qualifications of persons having partnership interest