81-17-25 - Tax exemption.
§ 81-17-25. Tax exemption.
So long as said associations shall be kept mutual, and shall lend only to members, they shall be exempt from all forms of taxation; that is, from state, county, municipal, levee board and public improvement taxes, excepting ad valorem taxation of motor vehicles owned by said associations.
Sources: Codes, 1930, § 6480; 1942, § 4922; Laws, 1924, ch. 271; Laws, 1978, ch. 514, § 8, eff from and after July 1, 1978.