§ 21-42. Exemption—Plans of reorganization and adjustment.

(a)

No Documentary Transfer Tax shall be due upon any document made to effectuate a plan or reorganization or adjustment:

(1)

Confirmed in a bankruptcy proceeding under Title 11 of the United States Code, as amended;

(2)

Approved by a court in an equity receivership proceeding involving a corporation or a railroad, as defined in Sections 101(9) and 101(44), respectively, of Title 11 of the United States Code; or

(3)

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

(b)

This exemption shall apply only if the document is recorded within five (5) years of the date of such confirmation, approval or change.

(Ord. No. 3982, § 2 (part), 3-25-08)