New Mexico Administrative Code
Title 15 - GAMBLING AND LIQUOR CONTROL
Chapter 11 - ALCOHOLIC BEVERAGES LICENSING
Part 23 - LICENSES AND PERMITS - CHANGE IN LICENSEE
Section 15.11.23.8 - CHANGE OF OWNERSHIP
Universal Citation: 15 NM Admin Code 15.11.23.8
Current through Register Vol. 35, No. 18, September 24, 2024
A. All licensees must notify the division of any reportable change of ownership of the licensee or agent lessee by filing an application for change in ownership with the division, together with the filing fee shown on the fee schedule of these rules. The division shall determine whether the reportable change of ownership requires an application for change in ownership or an application for change in structure.
B. A reportable change of ownership in a transferrable license arises when any of the following events occurs since the last application was filed with the division:
(1) if the licensee is a corporation: when a
total of ten percent or more of its stock is transferred, when an existing
stockholder previously not disclosed, pursuant to Section
60-6B-2
of the act, NMSA 1978, now holds ten percent or more stock in licensee or when
there is a merger or consolidation of the licensee with another
entity;
(2) if the licensee is a
limited liability company: when ten percent or more of the membership interests
are transferred, when an existing member previously not disclosued, pursuant to
Section
60-6B-2
of the act, NMSA 1978, now holds ten percent or more of the membership interest
in licensee or when there is a merger or consolidation of the licensee with
another entity;
(3) if the licensee
is a general partnership: when there is any change or removal of any general
partners;
(4) if the licensee is a
limited partnership: when there is any change of general partners, or any
change of limited partners contributing ten percent or more of the total value
of the contributions made to the limited partnership or any change in the
limited partners entitled to ten percent or more of the profits earned, or
other compensation by way of income paid by the limited partnership;
(5) if the licensee is a trust: when there is
any change in the trustees or beneficiaries; or
(6) if the licensee is any other legal entity
that is not a corporation, limited liability company, general partnership, or
limited partnership: any person or entity becomes the owner of ten percent or
more interest through one or more transactions or when a total of ten percent
or more interest in the licensee entity or license has been
transferred.
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