§ 3-5.107. Exemptions: Bankruptcies, receiverships, and reorganizations.

The tax imposed by the provisions of this article shall not apply to the making, delivering, or filing of conveyances to make effective any plan of reorganization or adjustment:

(a)

Confirmed under the Federal Bankruptcy Act, as amended;

(b)

Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in subsection (m) of Section 205 of Title 11 of the United States Code, as amended;

(c)

Approved in an equity receivership proceeding in a court involving a corporation, as defined in subsection (3) of Section 506 of Title 11 of the United States Code, as amended; or

(d)

Whereby a mere change in identity, form, or place of organization is effected.

The provisions of this section shall only apply if the making, delivery, or filing of instruments of transfer or conveyances occurs within five (5) years after the date of such confirmation, approval, or change.

(§ 6, Ord. 10)