H.B. 753                                                 VETOES

(I) THE CONSIDERATION REFERRED TO IN SUBSECTION (B)(2)(I) OF
THIS SECTION;

(II) THE AMOUNT OF ASSETS OTHER THAN REAL ESTATE
REFERRED TO IN SUBSECTION (B)(2)(II) OF THIS SECTION;. AND

(III) ANY EXEMPTION PROVIDED FOR IN SUBSECTION (C) OF THIS
SECTION.

(3) THE REPORT SHALL BE ACCOMPANIED BY PAYMENT OF:

(I) A $20 FILING FEE; AND

(II) ANY TAX, INTEREST, AND PENALTY THAT IS DUE.

(E) (1) IF ANY TAX DUE UNDER THIS SECTION REMAINS UNPAID FOR 30
DAYS AFTER THE DATE OF THE FINAL TRANSFER, THEN:

(I) INTEREST ON THE UNPAID AMOUNT SHALL ACCRUE
THEREAFTER AT THE RATE OF 1% PER MONTH; AND

(II) A PENALTY OF 10% OF THE UNPAID AMOUNT SHALL BE DUE.

(2) ANY TAX, INTEREST, AND PENALTY DUE UNDER THIS SECTION IS AN
OBLIGATION OF THE REAL PROPERTY ENTITY.

(3) FOR REASONABLE CAUSE, THE DEPARTMENT MAY WAIVE THE
IMPOSITION OF INTEREST OR PENALTY.

(F) THIS SECTION DOES NOT APPLY TO:

(1) A PLEDGE OF STOCK OR OTHER INTEREST IN A REAL PROPERTY
ENTITY AS SECURITY FOR A LOAN; OR

(2) THE ADMISSION TO THE REAL PROPERTY ENTITY OF ADDITIONAL
SHAREHOLDERS, PARTNERS, BENEFICIAL OWNERS, OR OTHER MEMBERS INCIDENT
TO THE RAISING OF ADDITIONAL CAPITAL THROUGH A PUBLIC OR PRIVATE
OFFERING OF STOCK OR OTHER INTERESTS IN THE REAL PROPERTY ENTITY IF:

(I) THE EFFECTIVE MANAGEMENT OF THE REAL PROPERTY
ENTITY IS NOT SUBSTANTIALLY CHANCED; AND

(II) UNDER THE TERMS OF THE OFFERING, NONE OF THE NEW
MEMBERS IS EXPECTED TO PARTICIPATE IN THE DAY TO DAY MANAGEMENT OF
THE REAL PROPERTY ENTITY.

(G) (1) THE DEPARTMENT SHALL ADOPT REGULATIONS TO ADMINISTER
THIS SECTION.                           .

(2) THE REGULATIONS SHALL INCLUDE ANY ADDITIONAL STANDARDS
AND EXEMPTIONS TO ASSURE THAT:

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