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A BILL TO BE ENTITLED
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AN ACT
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relating to intra-industry relationships between alcoholic |
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beverage manufacturers, wholesalers, and retailers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 102, Alcoholic Beverage |
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Code, is amended by adding Section 102.011 to read as follows: |
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Sec. 102.011. EXCEPTION: CERTAIN TIED INTERESTS NOT |
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PROHIBITED. (a) In this section, "affiliate" has the meaning |
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assigned by Section 1.002, Business Organizations Code. |
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(b) Notwithstanding Section 102.01 or any other provision |
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of this code, a person's ownership interest in the equity of a |
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holder of a license or permit under this code or an affiliate of a |
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holder of a license or permit under this code may not be considered |
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an unlawful tied house interest if: |
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(1) the person owns five percent or less of the |
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outstanding securities issued by the license or permit holder or |
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any affiliate of the license or permit holder; and |
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(2) the securities are registered with the Securities |
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and Exchange Commission and are publicly traded on a national or |
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regional securities exchange or an over-the-counter market. |
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SECTION 2. This Act takes effect September 1, 2015. |