HARRY HUGHES, Governor

1699

of trust for the benefit of creditors, stock or other
evidence of ownership in a cooperative housing corporation
or similar entity, and on the transfer of any leasehold
interest in real property, where such lease contains a
convenant for perpetual renewal. The rate of such tax,
shall not exceed:

(2) Six percent of the value of the
consideration for any transfer of real property which, after
the effective date of any such rate of tax has been rezoned
to a more intensive use at the instance of the transferor
[or], transferee, OR ANY OTHER PERSON WHO HAS OR HAD AT THE
TIME OF APPLICATION FOR REZONING A FINANCIAL, CONTRACTUAL,
OR PROPRIETARY INTEREST IN THE PROPERTY, BUT excluding the
value of improvements constructed after such rezoning; or

(4) Four percent of the value of the
consideration for the initial transfer of stock or other
evidence [or] OF membership in a cooperative housing
[corperation] CORPORATION or similar entity where such stock
corresponds to a residential unit which is being converted
from rental status to a system of cooperative housing
corporation ownership under which title to a multi-unit
residential facility is held by a corporation, the
shareholders or members of which, by virtue of such
ownership or membership, are entitled to enter into an
occupancy agreement for a particular residential unit. This
tax shall not be applicable to transfers made pursuant to
the purchase of a building by or on behalf of a [bonafide]
BONA FIDE tenants association. The tax shall be paid by the
initial transferor of the residential unit and shall be in
addition to the tax provided in paragraph (5) of this
subsection.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved May 4, 1982.

CHAPTER 192

(House Bill 788)

AN ACT concerning

Prince George's County - Election Judges' and Chief Judges'

Compensation
PG 306-82

FOR the purpose of altering the compensation of election
judges and chief judges in Prince George's County;