Sec. 35-28. Applicability of tax.
Any tax imposed pursuant to this Article shall not apply to the making, delivering or filing of conveyances to make effective any plan of reorganization or adjustment;
a.Confirmed under the Federal Bankruptcy Act, as amended;
b.Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in subdivision (m) of Section 205 of Title II of the United States Code, as amended;
c.Approved in an equity receivership proceeding in court involving a corporation, as defined in subdivision (3) of Section 506 of Title II of the United States Code, as amended; or
d.Whereby a mere change in identity, form or place of organization is effected.
Subsections (a) to (d) inclusive of this Section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five years from the date of such confirmation, approval or change.
Any tax imposed pursuant to this Article shall not apply to the making or delivery of conveyances to make effective any order of the Securities and Exchange Commission, as defined in subdivision (a) of Section 1083 of the Internal Revenue Code of 1954; but only if:
1.The order of the Securities and Exchange Commission in obedience to which such conveyance is made recites that such conveyance is necessary or appropriate to effectuate the provisions of Section 79K of Title 15 of the United States Code, relating to the Public Utility Holding Company Act of 1935.
2.Such order specifies the property which is ordered to be conveyed.
3.Such conveyance is made in obedience to such order.