§ 54-109.99. Restriction of taxation.
Article14L.
Taxation.
§ 54‑109.99. Restriction of taxation.
The corporation shall bedeemed an institution for savings, and together with all accumulations thereinshall not be taxable under any law which shall exempt building and loanassociations or institutions for savings from taxation; nor shall any lawpassed taxing corporations in any form, or the shares thereof, or theaccumulations therein, be deemed to include corporations doing business inpursuance of the provisions of this Article, unless they are specifically namedin such law. The shares of credit unions, being hereby regarded as a system forsaving, shall not be subject to any stock‑transfer tax either when issuedby the corporation or transferred from one member to another. (1915,c. 115, s. 26; C.S., s. 5225; 1925, c. 73, ss. 3, 16; 1935, c. 87; 1975, c.538, s. 1.)