WILLIAM DONALD SCHAEFER, Governor                   Ch. 239

Article 2B - Alcoholic Beverages

40.

(J) (1) EXCEPT AS PROVIDED IN SUBSECTION (2) OF THIS
SECTION, IN CHARLES COUNTY, A QUALIFYING APPLICANT FOR A NEW
LICENSE FOR THE USE OF A CORPORATION OR A TRANSFER OF AN EXISTING
LICENSE FOR THE USE OF A CORPORATION SHALL CERTIFY TO THE BOARD
OF LICENSE COMMISSIONERS THAT:

(I)  THE APPLICANT OWNS 20 PERCENT OF THE STOCK
IN THAT CORPORATION; AND

(II)  THIS PERCENT WILL BE MAINTAINED BY THE
APPLICANT AS LONG AS THE APPLICANT IS THE HOLDER OF THE LICENSE.

(2)  THE STOCK OWNERSHIP REQUIREMENT IN SUBSECTION (1)
OF THIS SECTION DOES NOT APPLY TO AN APPLICANT WHO APPLIES FOR A
BLX LICENSE FOR THE USE OF A CORPORATION WHICH:

(I)  SHARES OF STOCK ARE AUTHORIZED FOR SALE BY
THE SECURITIES AND EXCHANGE COMMISSION OF THE UNITED STATES; OR

(II)  A MAJORITY OF THE SHARES OF STOCK ARE
OWNED OR CONTROLLED EITHER DIRECTLY OR INDIRECTLY BY ONE OR MORE
CORPORATIONS, WHICH SHARES OF STOCK ARE AUTHORIZED FOR SALE BY
THE SECURITIES AND EXCHANGE COMMISSION OF THE UNITED STATES'.

(3)  APPLICANTS FOR A LICENSE FOR THE USE OF A
CORPORATION SHALL SUBMIT TO THE BOARD OF LICENSE COMMISSIONERS:

(I) AN EXECUTED COPY OF THE ARTICLES OF
INCORPORATION; AND

(III)  A STOCK SHEET SHOWING NAMES, ADDRESSES,
AND PERCENTAGES OF ALL STOCKHOLDERS HOLDING A MINIMUM OF 5
PERCENT OF THE SHARES OF STOCK.

(4)  THE STOCK SHEET REQUIREMENT UNDER SUBPARAGRAPH
(I) OF PARAGRAPH (3) OF THIS SECTION DOES NOT APPLY IF THE
CORPORATION'S SHARES OF STOCK ARE AUTHORIZED FOR SALE BY THE
SECURITIES AND EXCHANGE COMMISSION OF THE UNITED STATES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 2, 1988.

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