HARRY HUGHES, Governor

4641

(1) (I) ON OR BEFORE MARCH 15, 1982, UNITS IN
THE RESIDENTIAL RENTAL PROPERTY HAVE BEEN PUBLICLY OFFERED
FOR SALE AS CONDOMINIUM UNITS; AND

(II) ON OR BEFORE MARCH IS, 1982, 35
PERCENT OF THE UNITS IN THE RESIDENTIAL RENTAL PROPERTY ARE
UNDER A CONTRACT TO BE SOLD PURSUANT TO A BONA FIDE, ARM'S
LENGTH TRANSACTION;

(2)  (I) ON OR BEFORE MARCH 15, 1982, THE
RESIDENTIAL RENTAL PROPERTY HAS BEEN SUBJECTED TO A
CONDOMINIUM REGIME, OR, IN THE CASE OF AN EXPANDING
CONDOMINIUM, THE RESIDENTIAL RENTAL PROPERTY IS SHOWN ON THE
CONDOMINIUM PLAT FILED ON OR BEFORE MARCH 15, 1982;

(II)  UNITS IN THE CONDOMINIUM HAVE BEEN
PUBLICLY OFFERED FOR SALE ON OR BEFORE APRIL 15, 1982; AND

(III)  ON OR BEFORE MAY 15, 1982, AT LEAST
10 PERCENT OF THE UNITS IN THE CONDOMINIUM, OR IN THE CASE
OF AN EXPANDING CONDOMINIUM,, 10 PERCENT OF THE TOTAL NUMBER
OF UNITS TO BE CONTAINED IN THE CONDOMINIUM AS FULLY
EXPANDED, ARE UNDER A CONTRACT TO BE SOLD IN A BONA FIDE,
ARM'S LENGTH TRANSACTION; OR

(3)  A DEVELOPER OR ITS AFFILIATE ENTERED INTO A
CONTRACT TO PURCHASE THE RESIDENTIAL RENTAL PROPERTY BETWEEN
JANUARY 1, 1980 AND DECEMBER 31, 1980, AND THE DEVELOPER OR
ITS AFFILIATE DOES NOT MEET THE REQUIREMENTS OF PARAGRAPHS
(1) OR (2) OF THIS SUBSECTION. SUCH A DEVELOPER OR ITS
AFFILIATE SHALL COMPLY WITH §§ 11-136 AND 11-137.

11-143.

THIS TITLE MAY BE CITED AS THE MARYLAND CONDOMINIUM
ACT.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 837
(Senate Bill 1018)
AN ACT concerning

Income Tax - Maryland Tax Court