9-566. Controlling influence, presumption.
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/ks/chapter-9/9-566A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
9-566. Controlling influence, presumption.
(a)A person is presumed to exercise a controlling influence when such person holds the power to vote, directly or indirectly, at least 10% of the outstanding voting shares or voting interests of a licensee or person in control of a licensee.
(b)A person presumed to exercise a controlling influence pursuant to this section may rebut the presumption of control if the person is a passive investor.
(c)For purposes of determining the percentage of a person controlled by any individual, the individual's interest shall be aggregated with the interest of any other immediate family member, including the individual's spouse, parents, children, siblings, mothers-in-law and fathers-in-law, sons-in-law and daughters-in-law, brothers-in-law and sisters-in-law and any other person who shares such individual's home.
(d)This section shall take effect on and after January 1, 2025.