1018                                        LAWS OF MARYLAND                                  Ch. 385

where the property is located.]]

FOR the purpose of requiring the Department of
Assessments and Taxation to collect local transfer

taxes upon the filing of articles of sale or other

transfer of corporate assets; providing for the

distribution of taxes collected by the Comptroller;
exempting Baltimore County from the provisions of
this Act; and matters relating generally to the
filing of articles of sale or other transfer,

BY adding to

Article 81 - Revenue and Taxes

Section 277A

Annotated Code of Maryland

(1975 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 277A be and it is hereby added
to Article 81 — Revenue and Taxes, of the Annotated Code
of Maryland (1975 Replacement Volume and 1975 Supplement)
to read as follows:

Article 81 — Revenue and Taxes

277A.

(A)    THE DEPARTMENT OF ASSESSMENTS AND TAXATION IS
HEREBY AUTHORIZED AND DIRECTED TO COLLECT THE TRANSFER
TAX OF ANY OF THE COUNTIES OR BALTIMORE CITY, AT THE RATE
LOCALLY IMPOSED ON THE SALE OR TRANSFER OF REAL PROPERTY,

UPON THE FILING OF ARTICLES OF SALE, LEASE, EXCHANGE,___OR

OTHER TRANSFER OF ALL OR SUBSTANTIALLY ALL THE PROPERTY
AND ASSETS OF A CORPORATION WITH RESPECT TO THE PROPERTY
SUBJECT TO THE CERTIFICATE REQUIRES UNDER § 3-112 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE. THE TAX, HOWEVER,

SHALL NOT APPLY TO (1) THE TRANSFER__OF__TITLE TO REAL

PROPERTY BETWEEN A SUBSIDIARY CORPORATION AND ITS PARENT
CORPORATION FOR NO CONSIDERATION, FOR NOMINAL
CONSIDERATION, OR IN SOLE CONSIDERATION, OF THE ISSUE OR
THE CANCELLATION OR SURRENDER OF A SUBSIDIARY'S STOCK, OR

(2) THE TRANSFER OF TITLE TO REAL PROPERTY BETWEEN TWO OR

MORE SUBSIDIARY CORPORATIONS WHOLLY OWNED BY THE SAME

PARENT CORPORATION FOR NO CONSIDERATION, FOR NOMINAL

CONSIDERATION, OR IN SOLE CONSIDERATION OF THE ISSUE OR

THE CANCELLATION OR SURRENDER OF A SUBSIDIARY'S STOCK, OR

(3) DEED MADE PURSUANT TO REORGANIZATIONS WITHIN THE
MEANING OF § 368(A) OR IN ACCORDANCE WITH §§ 371 TO 374
INCLUSIVE OF THE INTERNAL REVENUE CODE.

(B)    THE COUNTIES AND BALTIMORE CITY, AS

APPLICABLE, SHALL CERTIFY TO THE DEPARTMENT OF

ASSESSMENTS AND TAXATION THE RATE, APPLICATION, AND

AUTHORITY__FOR ANY TRANSFER TAX LAWFULLY IMPOSED AS OF

JULY 1, 1976.