New Mexico § 60-6B-6 - Corporate licensees; limited partnership licensees; reporting

§ 60-6B-6. Corporate licensees; limited partnership licensees; reporting

A. A corporation that holds a license issued under the Liquor Control Act shall notify

the director within thirty days after the occurrence of any change in the officers,

directors or holders of more than ten percent of the voting stock of the corporation,

giving the names and addresses of the new officers, directors or stockholders. A corporate licensee shall also notify the director immediately of a change of agent

by filing a new power of attorney. The director shall by regulation define what corporate changes, including but not

limited to transfer of stock, merger and consolidation, constitute transfers of ownership

of corporate licenses and shall, upon making such a determination, order appropriate

compliance with the Liquor Control Act, provided that a transfer of ownership of a

corporate license shall not be deemed to occur where ultimate ownership of the corporation

does not change. B. A limited partnership that holds a license issued under the Liquor Control Act

shall notify the director within thirty days after the occurrence of any change of

general partners or of limited partners contributing ten percent or more of the total

value of contributions made to the limited partnership or entitled to ten percent

or more of the profits earned or other compensation by way of income paid by the limited

partnership. The director shall by regulation define what limited partnership changes constitute

transfers of ownership of limited partnership licenses and shall, upon making such

determination, order appropriate compliance with the Liquor Control Act, provided

that a transfer of ownership of a licensee that is a limited partnership shall not

be deemed to occur where ultimate ownership of the limited partnership does not change. C. A legal entity that is not a corporation or limited partnership and that holds

a license issued under the Liquor Control Act shall notify the director within thirty

days after the occurrence of any change in the trustees, partners, owners or members

of more than a ten percent interest in the entity, giving the names and addresses

of the new trustees, partners or owners. The director shall by regulation define what entity changes constitute a transfer

of ownership of such entity's license and shall, upon making such determination, order

appropriate compliance with the Liquor Control Act, provided that a transfer of ownership

of a licensee shall not be deemed to occur where there is no change in the ultimate

ownership of the legal entity.