35-3-16. Arbitration of price paid to licensee forced out of business--Maximum price and inventory.
165 words·~1 min read·
/sd/title-35/chapter-35-3/35-3-16A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the parties referred to in § 35-3-15 agree to arbitration, the board of arbitration shall consist of one arbitrator to be selected by the municipality, one selected by the former licensee, and a third selected by both of the selected arbitrators. The determination of any arbitrators shall govern. However, no municipality as defined in § 35-3-6 is bound to purchase any fixtures, equipment, or stock acquired by any former licensee after the filing of the petition submitting the question specified in § 35-3-12 .
The determination as to value of the fixtures, equipment, and stock is binding on the parties. However, the value may not exceed the invoice price plus any federal tax paid thereon subsequent to its acquisition, and the aggregate of the stock may not exceed the level of the average inventory of such stock carried by the dealer for the two years immediately preceding the holding of the election providing for the municipal sale of alcoholic beverages under chapter 35-4 .