NORTH CAROLINA GENERAL ASSEMBLY

1963 SESSION

 

 

CHAPTER 601

SENATE BILL 167

 

 

AN ACT RELATING TO THE TAXATION OF PRODUCTION CREDIT ASSOCIATIONS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  G.S. 105-102.1 is hereby amended by inserting after the words "for the sole purpose of meeting expenses," in the first sentence of subsection (a) thereof the following:

"or Production Credit Associations organized under the Act of Congress known as the Farm Credit Act of 1933,".

Sec. 2.  G.S. 105-102.1 is hereby further amended by changing subsection (b) thereof to read as follows:

"(b)      Counties, cities and towns may not levy any license tax upon such cooperative marketing associations or Production Credit Associations organized under the Act of Congress known as the Farm Credit Act of 1933."

Sec. 3.  G.S. 105-125 is hereby amended by inserting after the words "product furnished by them;" in the first sentence thereof the following:

"nor to Production Credit Associations organized under the Act of Congress known as the Farm Credit Act of 1933;".

Sec. 4.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 5.  This Act shall be in full force and effect on and after January 1, 1963.

In the General Assembly read three times and ratified, this the 29th day of May, 1963.