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.