HARRY HUGHES, Governor

2115

(3) (I) IN ANNE ARUNDEL COUNTY, A PERSON,
FRANCHISOR, FRANCHISEE, CHAIN STORE OPERATION, PARTNERSHIP,
FIRM OR CORPORATION, EXCEPT BY WAY OF RENEWAL, MAY NOT HAVE
ANY INTEREST IN MORE THAN ONE LICENSE, WHETHER HELD OR
CONTROLLED BY DIRECT OR INDIRECT OWNERSHIP, BY FRANCHISE
OPERATION, BY CHAIN STORE OPERATION, BY STOCK OWNERSHIP,
INTERLOCKING DIRECTORS OR INTERLOCKING STOCK OWNERSHIP, OR
IN ANY OTHER MANNER DIRECTLY OR INDIRECTLY. IT IS THE
INTENTION OF THIS SUBSECTION TO PROHIBIT ANY SUCH PERSONS,
FRANCHISOR, FRANCHISEE, CHAIN STORE OPERATION, FIRM,
PARTNERSHIP, OR CORPORATION FROM HAVING ANY INTEREST,
DIRECTLY OR INDIRECTLY, IN MORE THAN ONE LICENSE. NOTHING
IN THIS SUBSECTION APPLIES TO OR AFFECTS ANY SUCH TYPE OF
BUSINESS ESTABLISHMENT ALREADY HOLDING SUCH A LICENSE OR THE
POSSIBILITY OF SUCH LICENSEE HAVING THE LICENSE TRANSFERRED
TO A SIMILAR TYPE OF BUSINESS ESTABLISHMENT.

(II) THIS SUBSECTION DOES NOT APPLY TO
LICENSES ISSUED UNDER THE PROVISIONS OF SECTION 28(I)(1) OF
THIS ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 20, 1980.

CHAPTER 598

(House Bill 397)

AN ACT concerning

Corporations and Associations - Employee Stock
Ownership Plans

FOR the purpose of exempting certain sales of securities,
accrual of interests, or distributions made under or
relating to employee stock ownership plans from certain
corporate registration and filing requirements.

BY repealing and reenacting, without amendments,

Article - Corporations and Associations

Section 11-205 and 11-501

Annotated Code of Maryland

(1975 Volume and 1979 Supplement)

BY adding to

Article - Corporations and Associations
Section 11-602(14)