(a) Any tax imposed pursuant to this chapter shall not apply to the making, delivery or filing of instruments of conveyance to make effective any plan of reorganization or adjustment:
(1) Continued under the Federal Bankruptcy Code, as amended;
(2) Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in subdivision (44) of Section 101 of Title 11 of the United States Code, as amended; or
(3) Effected through a mere change in identity, form or place of organization. Subdivisions (1) to (3), inclusive, of this subsection shall only apply if the making, delivery or filing of instruments of conveyance occurs within five years from the date of such confirmation, approval or change.
(Ord. 4073 § 7, 1992: Ord. 2398 § 1 (part), 1967)