Section 8102-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.
(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.Amended by P.L. 270 2013 No. 52, § 26, eff. 7/9/2013.Amended by P.L. 751 2012 No. 85, § 12, eff. 7/2/2012.1971, March 4, P.L. 6, No. 2, § 1102-C.5, added 1986, July 2, P.L. 318, No. 77, § 11, imd. effective. Amended 1994, June 16, P.L. 279, No. 48, § 29, effective July 1, 1994.