(a) Except as provided in subsection (c) of this section, at least one of the applicants for the transfer of a license for a corporation or limited liability company shall certify that as long as the applicant is the holder of the license, the applicant shall: (1) own at least 10% of the stock in the corporation or interest in the limited liability company; or (2) (i) serve as the manager or supervisor of the corporation or limited liability company; and (ii) be physically present on a full-time basis at the licensed premises of the corporation or limited liability company to conduct the daily business involving transactions concerning alcoholic beverages sales. (b) Except as provided in subsection (c) of this section, applicants for a license for a corporation or limited liability company shall submit: (1) an executed copy of the articles of incorporation or articles of organization; and (2) a schedule that states: (i) the name, address, and percentage of stock held by each stockholder holding at least 5% of the stock of a corporation; or (ii) the name, address, and percentage of interest held by each member holding at least 5% interest in a limited liability company. (c) (1) (i) The stock or interest requirements established under subsection (a) of this section do not apply to a corporation or limited liability company in which: 1. the stock of the corporation or interest in the limited liability company is authorized for sale by the United States Securities and Exchange Commission; or 2. a majority of the stock of the corporation or interest in the limited liability company is owned or controlled directly or indirectly by one or more corporations or limited liability companies whose stock or interest is authorized for sale by the United States Securities and Exchange Commission. (ii) A corporation or limited liability company provided for in subparagraph (i) of this paragraph shall maintain one applicant as a manager or supervisor physically present on a full-time basis at the licensed premises to conduct the daily business involving transactions concerning alcoholic beverages sales. (2) The schedule requirement established under subsection (b) of this section does not apply to: (i) a corporation whose stock is authorized for sale by the United States Securities and Exchange Commission; or (ii) a limited liability company whose interest is authorized for sale by the United States Securities and Exchange Commission.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.