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A BILL TO BE ENTITLED
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AN ACT
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relating to renewal of certain alcoholic beverage permits held by a |
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corporation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 28.04(d), Alcoholic Beverage Code, is |
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amended to read as follows: |
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(d) This section does not apply to a change in corporate |
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control: |
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(1) brought about by the death of a shareholder if the |
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shareholder's [his] surviving spouse or descendants are the |
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shareholder's [his] successors in interest; or |
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(2) brought about when legal or beneficial ownership |
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of over 50 percent of the stock of the corporation has been |
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transferred: |
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(A) to a person who possesses the qualifications |
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required of other applicants for permits and is currently an |
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officer of the corporation and has been an officer of the |
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corporation ever since the date the original permit was issued; or |
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(B) if the permittee [pays a fee of $500 and] |
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notifies the commission, on completed forms and attachments |
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prescribed by the commission, of the proposed transfer [at least 10
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days] prior to the date the transfer is to become effective and the |
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commission does not find that circumstances exist that would be |
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grounds for the denial of a renewal of the permit under Section |
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11.46 [of this code] and provided the ownership of the corporation |
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immediately after the transfer satisfies the requirements of this |
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code. |
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SECTION 2. The change in law made by this Act applies to |
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renewal of a mixed beverage permit that expires on or after the |
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effective date of this Act, regardless of when legal or beneficial |
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ownership of the corporation holding the permit changed. |
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SECTION 3. This Act takes effect September 1, 2007. |