§ 10-185. Prohibited interest in license.

(a)

No individual, partnership, limited liability company or corporation shall be issued a license for the sale of alcoholic beverages at retail or C.O.L. license unless all persons who have a financial interest in the individual, partnership, limited liability company or corporation are of good moral character.

(b)

Any:

(1)

Distiller, wholesaler, winemaker or brewer; or

(2)

Supplier of coin-operated commercial, manual or mechanical amusement devices; or

(3)

Employees, officers or agents thereof;

shall not have a financial interest in any individual, partnership, limited liability company or corporation which has a license for the sale of alcoholic beverages at retail or C.O.L. license.

(c)

Any:

(1)

Distiller, wholesaler, winemaker or brewer; or

(2)

Supplier of coin-operated commercial, manual or mechanical amusement devices; or

(3)

Employees, officers or agents thereof;

shall not furnish either directly or indirectly equipment, other than portable refrigeration units as allowed by RSMo 311.198, money, credit other than ordinary commercial credit for alcoholic beverages, or property of any kind to any individual, partnership, limited liability company or corporation which has a license for the sale of alcoholic beverages at retail or C.O.L. license.

(d)

The term "financial interest" as used in this section is defined to mean all interest, legal or beneficial, direct or indirect, in the capital devoted to the licensed enterprise and all such interest in the net profits of the enterprise, after the payment of reasonable and necessary operating business expenses and taxes, including interest in dividends, preferred dividends, interest and profits, directly or indirectly paid as compensation for, or in consideration of interest in, or for use of, the capital devoted to the enterprise, or for property or money advanced, loaned or otherwise made available to the enterprise, except by way of ordinary commercial credit or bona fide bank credit not in excess of credit customarily granted by banking institutions, whether paid as dividends, interest or profits, or in the guise of royalties, commissions, salaries, or any other form whatsoever. Service as a member of the board of directors of a corporation, the stock of which is traded on the New York or American Stock Exchange or NASDAQ, or ownership of less than ten percent of the outstanding shares in such corporation, shall not constitute a financial interest in such corporation or a subsidiary thereof.

(Ord. No. 000056, § A, 2-22-00; Ord. No. 160958 , § 1, 1-26-17; Ord. No. 170852 , § 1, 11-9-17)