Pennsylvania Act 1883-30 — MUTUAL LOAN ASSOCIATIONS, EXEMPT FROM STATE TAXATION

Act text

MUTUAL LOAN ASSOCIATIONS, EXEMPT FROM STATE TAXATION
                   Act of May 22, 1883, P.L. 38, No. 30               Cl. 15
                                  AN ACT

     To exempt mutual loan and building associations from taxation
        for State purposes.

        WHEREAS, Mutual savings fund, loan and building associations
     have been heretofore declared by law to be, "meritorious and
     deserving the care of the State," because of the inducements
     they offer to the people to form habits of economy and to become
     real estate owners, "thereby enriching and strengthening the
     Commonwealth,"
        And whereas, Being copartnerships on the mutual beneficial
     plan, their profits are made from amongst their own members and
     not from the outside public,
        And whereas, Such associations are therefore not proper
     subjects for taxation; therefore,
        Section 1.  Exemption from taxation for State purposes.
        Mutual loan and building associations shall be exempt from
     the provisions of each and every law imposing taxes for State
     purposes on their capital stock or mortgages, and other
     securities for moneys loaned to their own members, but the real
     estate owned by said association shall be subject to the same
     rates of taxation as the real estate of other corporations and
     persons: Provided, however, That the right of the Commonwealth
     to collect taxes already accrued is hereby reserved.  1883, May
     22, P.L. 35, Sec. 1.