Page:United States Statutes at Large Volume 42 Part 1.djvu/281

 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. 253 CONDITIONAL AND 01*1112:11 EXEMPTIONS or coaromynous. Egu$g;{§n;#¤· t SEE;. 23l.dThit}t;i the following organizations shall be exempt from ,,£§$;§}‘“t°d °"g°“i‘ 8X8. IOII 1111 Bf S tlt &—- Vol.40,p.1076,amend— (1) Labor, agricultural, or horticultural organizations; °dia¤¤r,m. b (2L Mutual savmgs banks not having a capital stock represented ,,:§§§f‘§{,_““"i“g* y s ares; (3) Fraternal beneficiary societies, orders, or associations, (a) 3 F?jtg’Q¤L *g°¤¤¤<>i· operating under the lodge s§stem or for the exclusive beneht of the ry B l°" ° c` members of a fraternity 1tse operating under the lodge s stem; and (b) tgrovidinggor the payment of life, sick, accident, or other benefits to de mem rs of suc society, order, or association or their depen ents; _ _ ({1) Domestic building and loan associations substantially all the ;.,,%°,{Z'§S‘l;dl§'{§l$§g,°,§f1 business of which is confined to making loans to members; and cooperative banks without capital stock organized and operated for mutual purposes and without profit; (5) Cemetery com anies owned and operated exclusively for the .,.,g{,',:,],*.§’st.,{‘,§’}”°t°" benefit of their members or which are not operated for profit; and ,°,°;·!;m?*;}g“r;“;g‘dY any corporation chartered sole? for burial purposes as a cemetery ` corporation and not permitted y its charter to engage in any business not necessarily incident to that purpose, no part of the net earn- og zvlhich inures to the benefit of any private stockholder or m vi u ; _ (6) Corporations, and any community chest, fimd, or foundation, n(i°£'§‘£`.`f1'§{t§'ciZl,'$§§ organized and operated exclusively for relilgious, charitable, scientific, °*°·· °°°i°”°S- literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which in1u·es to the benefit of any private stockholder or individual; Business, as we (7) Business leagues, chambers of commerce, or boards of trade, mu ’ ` . not organized for rofit and no part of the net earnings of which inures to the beneiills of any private stockholder or indivi ual; Civic, as ow (8) Civic leagues or organizations not organized for profit but mu ’ ` operated exclusively for the promotion of social welfare; Plum clubs ow (9) Clubs organized and operated exclusively for pleasure, recrea- ' tion, and other nonprofitable urposes, no part of the net earnings of which inures to the benefit ofp any private stockholder or member; mmm, mm, (10) Farmers’ or other mutual hail, cyclone, or fire insurance com- mn sssociscicm, occ. panies, mutual ditch or irrigation companies, mutual or cooperative telephone companies, or like organizations of a purely local character, the income of which consists solely of assessments, dues, and fees collected from members for the sole purpose of meeting expenses; Asmlmmm mb (11) Farmers’, fruit growers’, or ike associations, orglamzed and ketiuglarm pmuca, o erated as sales agents for the purpose of marketing the products °‘°‘ oi) members and turning back to them thefproceeds 0 sales, less the necessary selling expenses, on the basis o the quantity of produce A, ,,,,,.,,,,S,,, K fumished by them; or organized  operated as purchasing agents es¤¤¤¤¤f¤¤¤¤vx>¤¤¤·¤¤¤- for the purpose of purchasing supplies and equipment for the use of members and tuaiining ovler suc supplies and equipment to such members at actu cost, US 1160688817 GXPBDQBSZ _ rmszeesrqrexempz- (12) Corporations orgsiinized for the exclusive purpose of holding ¤<1<>rz¤¤¤·¤¤¤¤S- title to property, collecting income therefrom, and tnrnmgliover the entire amegunt thlpreof, less expfiseghg   orgamzation w ch itself adm} is exem t romt 8138.Xlm I 63, , F l°“‘“’°“*¥· (13) gederal land bankgoiiid iirational farm-loan associations as §§,,f§f'“‘°°“ ““°°" provided in section 26 of the Act approved July 17, 1916, entitled V¤1·=¤.1>-38¤- ‘An Act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to rates of interest upon farm loans, to furnish a market for mted States bonds, to create Government depositaries and financial agents for the United States, and for other purposes";