§ 99-29. Acquired companies.

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, 90% or more of the total ownership interest in the company within a period of three years.

B. 

With respect to real estate acquired after February 16, 1986, a family farm corporation is an acquired company when, because of voluntary or involuntary dissolution, it ceases to be a family farm corporation or when, because of issuance or transfer of stock or because of acquisition or transfer of assets, it fails to meet the minimum requirements of a family farm corporation under this article.

C. 

Within 30 days after becoming an acquired company, the company shall present a declaration of acquisition to the Collector for recording and for the affixation of the official stamp or writing evidencing payment of the tax. Such declaration shall set forth the value of real estate holdings of the acquired company in the municipality.