AN ACT RELATIVE TO THE NANTUCKET ISLANDS LAND BANK.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. The definition of "Real property interest", in section 1 of chapter 669 of the acts of 1983, is hereby amended by inserting after the word "partnership", in line 13, the following words:- or limited liability company, except as provided in section 10A.
SECTION 2. The second paragraph of section 10A of said chapter 669, as appearing in section 5 of chapter 666 of the acts of 1987, is hereby amended by inserting after the word "partnership", in lines 6, 7 and 12, the following words:- or limited liability company.
SECTION 3. Said second paragraph of said section 10A of said chapter 669, as so appearing, is hereby further amended by inserting after the word "partnerships", in lines 10 and 13, the following words:- or limited liability companies.
SECTION 4. Paragraph (i) of section 12 of said chapter 669, as most recently amended by section 3 of chapter 392 of the acts of 1991, is hereby further amended by inserting after the word "partnership", in lines 1, 7, 9 and 10, the following words:- or limited liability company.
SECTION 5. Said section 12 of said chapter 669 is hereby further amended by striking out paragraph (j), as amended by section 7 of chapter 666 of the acts of 1987, and inserting in place thereof the following paragraph:-
(j) Transfers made to a stockholder of a corporation in liquidation of the corporation, and transfers made to a partner of a partnership or to a member of a limited liability company in dissolution of the partnership or limited liability company; but the transfer shall be exempt only if (i) with respect to a corporation, the transferee had before the transfer a controlling interest in the corporation, or (ii) with respect to a partnership or limited liability company, the transferee had before the transfer rights to capital interests in excess of 50 per cent of the total capital interests within the partnership or limited liability company or had rights to profit interests within the partnership or limited liability company in excess of 50 per cent of the total profit interests within the partnership or limited liability company.
SECTION 6. Paragraph (m) of said section 12 of said chapter 669, as amended by section 8 of said chapter 666, is hereby further amended by striking out, in line 1, the word "one" and inserting in place thereof the following figure:- 2.
SECTION 7. Section 6 of this act shall apply to transactions occurring after the effective date of this act.
SECTION 8. This act shall take effect upon its passage.