Arkansas Code Title 3. Alcoholic Beverages § 3-4-205. Conflicts of interest--Prohibition

(2) However, notwithstanding this prohibition, any retail liquor permits held by any person, firm, or corporation on July 19, 1971, which continue to be held by any person, firm, or corporation having an interest in more than one (1) retail liquor permit on August 13, 1993, shall be vested permits.

(c)(1) Holders of vested permits may not sell, convey, assign, or devise any such interest in multiple retail liquor permitted businesses to any person or persons, firm, or corporation which, on the date of any such transfer, already has any ownership interest in a permitted retail liquor business.

(2) However, holders of vested permits shall be allowed to sell, convey, assign, or devise any such interest in multiple retail liquor permitted businesses to any other person or persons, firm, or corporation, thereby creating an ownership interest in more than one (1) retail liquor permit to any such subsequent purchasers, assignees, or devisees without violating any of the provisions hereinabove.