WILLIAM DONALD SCHAEFER, Governor                            Ch. 574

COOPERATIVE INTEREST IN THE COOPERATIVE HOUSING CORPORATION IS NOT
SUBJECT TO RECORDATION TAX IF THE COOPERATIVE HOUSING CORPORATION
CONSISTS OF SINGLE RESIDENTIAL UNITS AND WAS ESTABLISHED ON OR BEFORE
JANUARY 1, 1970.

(2) THE EXEMPTION UNDER PARAGRAPH (1) OF THIS SUBSECTION DOES
NOT APPLY TO:

(I) THE CONVERSION OF A COOPERATIVE HOUSING
CORPORATION TO A CONDOMINIUM REGIME.; OR

(II) THE TRANSFER OF PROPERTY TO A PERSON WHO:

1. DOES NOT OCCUPY THE PROPERTY TRANSFERRED; OR

2. HAS RECEIVED THE CREDIT ALLOWED UNDER THIS
SECTION FOR ANOTHER PROPERTY TRANSFERRED AS PART OF THE SAME
CORPORATE TERMINATION.

(3) THE EXEMPTION UNDER PARAGRAPH (1) OF THIS SUBSECTION
SHALL APPLY ONLY IN A COUNTY THAT:

(I)      DOES NOT LEVY A COUNTY PROPERTY TRANSFER TAX; OR

(II)     HAS, BY LAW, ADOPTED AN EXEMPTION FROM ANY LOCAL
TRANSFER TAX FOR PROPERTY AS DESCRIBED IN THIS SUBSECTION.

13-207.

(a) An instrument of writing is not subject to transfer tax to the same extent that
it is not subject to recordation tax under:

(15)    § 12-108(v) of this article (Mergers); [or]

(16)   § 12-108(w) of this article (Consolidations) [.]; OR

(17)    § 12-108(X) OF THIS ARTICLE (COOPERATIVE HOUSING
CORPORATIONS).

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1994.

Approved May 26, 1994.

CHAPTER 574
(House Bill 617)

AN ACT concerning

Estates and Trusts - Standby Guardian

FOR the purpose of establishing a procedure for the appointment of a standby guardian

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