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California Business And Professions Code Section 23405

Legal Research Home > California Lawyer > Business and Professions Code > California Business And Professions Code Section 23405

(a) Any corporation holding a license under this division
shall maintain a record of its shareholders at the principal office
of the corporation in California and the record of its shareholders
shall be available to the department for inspection.  The corporation
shall report to the department in writing any of the following:
   (1) Issuance or transfer of any shares of stock to any person
where the issuance or transfer results in the person owning 10
percent or more of the corporate stock.
   (2) Change in any of the corporate officers which are required by
Section 312 of the Corporations Code.
   (3) Change of the members of its board of directors.
   The report shall be filed with the department within 30 days after
the issuance or transfer of corporate stock, change in corporate
officers, or change in members of the board of directors, as the case
may be.
   (b) Any licensee within the purview of this section who is
required by federal law to report to the federal government under the
provisions of the Federal Alcohol Administration Act or the Internal
Revenue Code the information required by this section may send to
the department a copy of the report at the same time as it is sent to
the federal government, and the copy of the report sent to the
department by the licensee shall be deemed sufficient compliance with
the provisions of this section.
   (c) The provisions of this section shall not apply to any of the
following:
   (1) A corporation the stock of which is listed on a stock exchange
in this state or in the City of New York, State of New York.
   (2) A bank, trust company, financial institution or title company
to which a license is issued in a fiduciary capacity.
   (3) A corporation which is required by law to file periodic
reports with the Securities and Exchange Commission.
   (d) The department may deny any application or suspend or revoke
any license of a corporation subject to the provisions of this
section where conditions exist in relation to any officer, director,
or person holding 10 percent or more of the corporate stock of that
corporation which would constitute grounds for disciplinary action
against that person if the person was a licensee.

Last modified: January 12, 2009