Section 1102-C.5. Acquired Company.--(a) A real estate company is an acquired company upon a change in the ownership interest in the company, however effected, if the change:
(1) does not affect the continuity of the company; and
(2) of itself or together with prior changes has the effect of transferring, directly or indirectly, ninety per cent or more of the total ownership interest in the company within a period of three years.
(3) For the purposes of paragraph (2), a transfer occurs within a period of three years of another transfer or transfers if, during the period, the transferring party provides the transferee a legally binding commitment or option, enforceable at a future date, to execute the transfer.
((a) amended July 9, 2013, P.L.270, No.52)
(b) (Deleted by amendment).
(b.1) (Deleted by amendment).
(b.2) A family farm business is an acquired company when, because of voluntary or involuntary dissolution, it ceases to be a family farm business or when, because of the issuance or transfer of stock in the corporation or transfer of interests in the association or because of acquisition or transfer of assets that are devoted to the business of agriculture, it fails to meet the minimum requirements of a family farm business under this article.
(b.3) The conveyance of assets held by one family farm business to another family farm business shall not be considered a transfer of assets under this article if the same individuals hold at least fifty per cent of the ownership interest in each family farm business.
(c) Within thirty days after becoming an acquired company, the company shall present a declaration of acquisition with the recorder of each county in which it holds real estate for the affixation of documentary stamps and recording. Such declaration shall set forth the value of real estate holdings of the acquired company in such county.
(1102-C.5 amended July 2, 2012, P.L.751, No.85)
Compiler's Note: Section 30(4) of Act 85 of 2012, which amended section 1102-C.4, provided that the amendment shall apply retroactively to any document made, executed, delivered, accepted or presented for recording on or after July 1, 2010.
Section 30(5) of Act 85 provided that subsec. (a)(3) shall not apply to a transaction or a series of transactions occurring in part or entirely before January 1, 2013.