WILLIAM DONALD SCHAEFER, Governor Ch. 4 34

BY renumbering

Article - Tax - Property

Section 8-106 through 8-111, respectively

to be Section 8-107 through 8-112, respectively

Annotated Code of Maryland

(1986 Volume and 1986 Supplement)

BY adding to

Article - Tax - Property

Section 8-106

Annotated Code of Maryland

(1986 Volume and 1986 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 8-106 through 8-111, respectively, of
Article - Tax - Property of the Annotated Code of Maryland be
renumbered to be Section(s) 8-107 through 8-112, respectively.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Tax - Property

8-106.

(A) IN THIS SECTION, "COOPERATIVE HOUSING CORPORATION",
"COOPERATIVE INTEREST", "MEMBERSHIP CERTIFICATE", AND
"PROPRIETARY LEASE" HAVE THE MEANINGS PROVIDED UNDER THE MARYLAND
COOPERATIVE HOUSING CORPORATION ACT.

(B) IN VALUING REAL PROPERTY OWNED BY A COOPERATIVE HOUSING
CORPORATION OR SIMILAR CORPORATION, THE DEPARTMENT MAY CONSIDER
(B) THE VALUE OF A COOPERATIVE INTEREST, A PROPRIETARY LEASE, A
MEMBERSHIP CERTIFICATE, OR SIMILAR ITEMS RELATING TO AN INTEREST
IN A COOPERATIVE UNIT MAY BE CONSIDERED IN DETERMINING THE VALUE
OF REAL PROPERTY OWNED BY A COOPERATIVE HOUSING CORPORATION OR
SIMILAR CORPORATION.--------------------------------------------

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved May 14, 1987.

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