Is a wholesaler or manufacturer permitted to have any interest in an on-sale license?

A wholesaler, manufacturer, wine grower, rectifier or importer may hold a small amount of stock in a corporate retail licensee, or serve on the board of directors of a corporate off-sale licensee, provided the stock ownership or service on the board of directors, as determined by ABC, does not result in the exercise of control over the retail licensee's business. Also, it must not result in the exclusion of any competitor's brand of alcoholic beverages, and further, the stock is listed on the New York Stock Exchange, the American Stock Exchange, or NASDAQ. ABC must be notified of the stock ownership or service on the board of directors. (Section 25503.11)