California CodesBusiness and Professions Code - BPCDivision 9 — Alcoholic BeveragesChapter 15 — Tied-House RestrictionsSection 25503.11

Notwithstanding any other provision of this division, a manufacturer, manufacturer’s agent, winegrower, rectifier, importer, or wholesaler may hold a diminutive amount of stock in a corporate retail licensee or serve on the board of directors of a corporate off-sale retail licensee, provided the stock ownership or service on the board of directors, as determined by the department, does not result in the exercise of control over the retail licensee’s business and does not result in the exclusion of any competitor’s brand of alcoholic beverages, and provided further that the stock is listed on the New York Stock Exchange, the American Stock Exchange, or NASDAQ, and the department is notified of the stock ownership or service on the board of directors.