§31C-2-8. Tax exemption.
(a) Any credit union organized under this or any other credit
union act and all shares and deposits therein shall be exempt from
all taxation now or hereafter imposed by this state or any taxing
authority within this state. No law which taxes corporations in
any form, or the shares or deposits thereof, or the accumulation
thereon, shall apply to any such credit union; except that any real
property and any tangible personal property owned by any such
credit union shall be subject to taxation to the same extent as
other similar property is taxed: Provided, That this exception
shall not permit the imposition of any sales or use taxes on the
(b) The shares of any such credit union shall not be subject
to stock, transfer taxes, either when issued or when transferred
from one member to another.
(c) The participation by a credit union in any government
program providing unemployment, social security, old age pension or
other benefits shall not be deemed a waiver of the taxation
exemption hereby granted.