Mo. Code Regs. tit. 11 § 45-10.060
Current through Register Vol. 49, No. 23, December 2, 2024
Section 11 CSR 45-10.060 - DistributionsPURPOSE: This rule establishes the procedures for licensees' distribution of anything of value.
(1) No withdrawals of capital, loans, advances or distribution of any type of assets in excess of five percent (5%) of accumulated earnings of a Class A or Class B licensee, which is a C corporation under the Internal Revenue Code and no withdrawals of capital, loans, advances or distribution of any type of assets in excess of five percent (5%) of aftertax profits of a Class A or Class B licensee which is a sole proprietorship, partnership, limited partnership, limited liability company or S corporation under the Internal Revenue Code to anyone with an ownership interest in the licensee shall occur without prior commission approval. AUTHORITY: sections 313.004 and 313.805, RSMo 2000 and section 313.800, RSMo Supp. 2007.* Emergency rule filed Sept. 1, 1993, effective Sept. 20, 1993, expired Jan. 17, 1994. Emergency rule filed Jan. 5, 1994, effective Jan. 18, 1994, expired Jan. 30, 1994. Original rule filed Sept. 1, 1993, effective Jan. 31, 1994. Amended: Filed May 13, 1998, effective Oct. 30, 1998. Amended: Filed Dec. 3, 2007, effective May 30, 2008. *Original authority: 313.004, RSMo 1993, amended 1994; 313.800, RSMo 1991, amended 1993, 1994, 2005; and 313.805, RSMo 1991, amended 1993, 1994, 2000.