§ 3-4-205 - Interest in other permits prohibited -- Exceptions. - Arkansas Statutes

3-4-205. Interest in other permits prohibited -- Exceptions.

(a) For purposes of this section, the term "vested permits" is defined as those multiple retail liquor permits which were lawfully issued to any person, firm, or corporation prior to July 19, 1971.

(b) (1) No retail liquor permit shall be issued, either as a new permit or as a replacement of an existing permit, to any person, firm, or corporation if the person, firm, or corporation has any interest in another retail liquor permit, regardless of the degree of interest.

(2) However, notwithstanding this prohibition, any retail liquor permits held by any person, firm, or corporation on July 19, 1971, which continue to be held by any person, firm, or corporation having such interest in more than one (1) such retail liquor permit on August 13, 1993, shall be vested permits.

(c) (1) Holders of vested permits may not sell, convey, assign, or devise any such interest in multiple retail liquor permitted businesses to any person or persons, firm, or corporation which, on the date of any such transfer, already has any ownership interest in a permitted retail liquor business.

(2) However, holders of vested permits shall be allowed to sell, convey, assign, or devise any such interest in multiple retail liquor permitted businesses to any other person or persons, firm, or corporation, thereby creating an ownership interest in more than one (1) retail liquor permit to any such subsequent purchasers, assignees, or devisees without violating any of the provisions hereinabove.