(a) The tax imposed pursuant to this chapter shall not apply to the making, delivering or filing of conveyances to make effective any plan of reorganization or adjustment that is any of the following:
(1) Confirmed under the Federal Bankruptcy Act, as amended;
(2) Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in section 101 of Title 11 of the United States Code, as amended;
(3) Approved in an equity receivership proceeding in a court involving a corporation, as defined in section 101 of Title 11 of the United States Code, as amended;
(4) Whereby a mere change in identity, form or place of organization is effected.
(b) Subdivision (a) shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five years from the date of the confirmation approval or change.
(Amended by Ord. No. 9889 (N.S.), effective 10-26-07; amended by Ord. No. 10511 (N.S.), effective 1-4-18)