(a)    (1)    A license for the use of a corporation, an unincorporated entity, or a limited liability company shall be applied for by and issued to, as individuals:

(i)    three officers holding a financial interest in the corporation; or

(ii)    three authorized persons holding a financial interest in the limited liability company.

(2)    One of the three individual applicants who apply for a license shall be a resident of the county.

(3)    The license shall be in effect so long as the resident applicant remains a resident of the county.

(4)    For a license issued after July 1, 1984, the resident applicant:

(i)    1.    for a Class A beer and wine license or a Class A–1 or Class A–2 beer, wine, and liquor license, shall own at least 25% of the total corporation, unincorporated entity, or limited liability company;

2.    for any type of license other than one specified in item 1 or 3 of this item, shall own at least 10% of the total corporation, unincorporated entity, or limited liability company; or

3.    for a Class C–1, Class C–2, or Class C–3 license, may own any amount or no amount of the total corporation, unincorporated entity, or limited liability company;

(ii)    shall serve as manager or supervisor; and

(iii)    shall be physically present on the premises for a substantial amount of time on a daily basis.

(5)    An application for a license shall:

(i)    state the name and address of:

1.    the corporation or unincorporated entity and each officer who holds a financial interest in the corporation or unincorporated entity; or

2.    the limited liability company and each authorized person who holds a financial interest in the limited liability company; and

(ii)    be signed by:

1.    the president or vice president of a corporation or an unincorporated entity and the three officers to whom the license is issued; or

2.    the three authorized persons of a limited liability company to whom the license is issued.

(6)    If there are fewer than three officers or directors of a corporation or an unincorporated entity or fewer than three authorized persons of a limited liability company, each officer, director, or authorized person holding a financial interest in the corporation, unincorporated entity, or limited liability company shall apply for the license.

(7)    If a close corporation does not have officers or directors, one or more resident stockholders who own more than 50% of the stock together may apply for the license.

(b)    (1)    In this section, “owner”:

(i)    means a person who has a real, provable financial interest in the business; and

(ii)    includes a stockholder or managerial employee of the actual owner.

(2)    Stock ownership requirements established under subsection (a) of this section do not apply to an applicant for a Class B hotel or restaurant beer, wine, and liquor license or a Class BNR beer, wine, and liquor license in which:

(i)    a majority of the stock is owned or controlled either directly or indirectly by one or more corporations and is authorized for sale by the United States Securities and Exchange Commission;

(ii)    at least one license holder is a resident applicant of the business conducted on the licensed premises who is responsible for the day–to–day operation of the business; and

(iii)    each license holder is a named officer of the corporation.

(3)    The residency requirements established under subsection (a) of this section remain in effect for a Class B hotel or restaurant beer, wine, and liquor license or a Class BNR beer, wine, and liquor license for as long as the license is in effect.