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

IN Code § 7.1-3-21-5.2 (2019) (N/A)
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Sec. 5.2. (a) The commission shall not issue an alcoholic beverage retailer's permit of any type to a limited partnership unless at least sixty percent (60%) of the partnership interest 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 limited partnership unless:

(1) at least sixty percent (60%) of the partnership interest is owned by persons who have been continuous and bona fide residents of Indiana for five (5) years; and

(2) the partnership interest described in subdivision (1) constitutes a controlling interest in the limited partnership.

(c) Each general partner and limited partner of a limited partnership must possess all other qualifications required of an individual applicant for that particular type of permit.

As added by P.L.51-1994, SEC.11. Amended by P.L.72-1996, SEC.13; P.L.72-2004, SEC.14; P.L.165-2006, SEC.31; P.L.107-2015, SEC.4; P.L.133-2016, SEC.6; P.L.214-2016, SEC.25.

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