§ 39:1982 — Proof of ownership of business

NOTE: This provision of law was included in the Unconstitutional Statutes
Biennial Report to the Legislature, dated March 14, 2016 .
§1982. Proof of ownership of business
A. An applicant for certification may submit to the division proof of his
ownership of the requisite percentage of the business at the time the
application is submitted. Such proof shall consist of stock certificates, a
notarized affidavit of stock ownership from the corporate treasurer, a
partnership agreement, cancelled check used to purchase ownership, or other
proof of ownership acceptable to the division. In cases of sole proprietorships
or other cases where documentary proof of ownership is not available, the
applicant shall so advise the division, which may undertake further
investigation. The division may also require documents showing how and
when the applicant's interest in the business was acquired. The division may
require any applicant to provide additional proof of or information concerning
ownership.
B. In determining whether the fifty-one percent ownership requirement
is met, no stock or ownership held in trust shall be counted except in the
following cases:
(1) When both the trustee and the beneficiary are minorities, and the
trustee meets the fifty-one percent control requirement for a minority business
enterprise.
(2) When the stock or ownership is held in an irrevocable trust for the
benefit of a minority, and the minority beneficiary meets the fifty-one percent
control requirement for a minority business enterprise.
(3) When both the trustee and the beneficiary are women, and the
trustee meets the fifty-one percent control requirement for a women's business
enterprise.
(4) When the stock or ownership is held in an irrevocable trust for the
benefit of a woman, and the woman beneficiary meets the fifty-one percent
control requirement for a women's business enterprise.

Legislative History

Acts 1984, No. 653, §1, eff. July 1, 1984; Acts 1992, No. 797, §2, eff. July 1, 1992.