Rhode Island General Laws 3-6-15. Manufacturer’s interest in business of wholesaler prohibited
Current as of: 2023 | Check for updates
|
Other versions
No manufacturer of distilled spirits or wines whose principal place of manufacture is outside of this state shall hold a wholesaler’s license issued under this title or shall have any interest in a wholesaler’s license, either directly or indirectly, as an owner or part owner, or through a subsidiary or affiliate, or by any officers, directors, or employees of the manufacturer, or by stock ownership, interlocking directors, trusteeship, loan, mortgage or by being a guarantor, endorser or surety of any obligation of a wholesaler.
History of Section.
G.L. 1956, § 3-6-15; P.L. 1968, ch. 96, § 1.
Terms Used In Rhode Island General Laws 3-6-15
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Wines: means all fermented alcoholic beverages made from fruits, flowers, herbs, or vegetables and containing not more than twenty-four percent (24%) of alcohol by volume at sixty degrees Fahrenheit (60 degrees F), except cider obtained by the alcohol fermentation of the juice of apples and containing not less than five tenths of one percent (. See Rhode Island General Laws 3-1-1