Texas Alcoholic Beverage Code 28.14 – Merger or Consolidation of Corporations Holding Mixed Beverage Permits
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Terms Used In Texas Alcoholic Beverage Code 28.14
- Commission: means the Texas Alcoholic Beverage Commission. See Texas Alcoholic Beverage Code 1.04
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mixed beverage: means one or more servings of a beverage composed in whole or part of an alcoholic beverage in a sealed or unsealed container of any legal size for consumption on the premises where served or sold by the holder of a mixed beverage permit, the holder of certain nonprofit entity temporary event permits, the holder of a private club registration permit, or the holder of certain retailer late hours certificates. See Texas Alcoholic Beverage Code 1.04
- Premises: has the meaning given it in § 11. See Texas Alcoholic Beverage Code 1.04
When two or more corporations which have substantially similar ownership and which hold mixed beverage permits issued by the commission merge or consolidate and pay to the commission a $100 fee for each licensed premises, the surviving corporation shall succeed to all the privileges of such corporations in the permits held by such corporations provided the surviving corporation is qualified to hold such permits under this code. For purposes of this section, two corporations have substantially similar ownership if 90 percent or more of both corporations is owned by the same persons.