§ 6-06-29 — Taxation of credit unions

Any credit union organized under this chapter or under the Federal Credit Union Act is
exempt from all taxation now or hereafter imposed by the state or any municipality within the
state or any local taxing authority and no law which taxes corporations in any form, or the
shares thereof, or the accumulations thereon, shall apply to any such credit union, except that
any real property and any tangible personal property owned by any credit union organized
under this chapter or under the Federal Credit Union Act is subject to taxation to the same
extent as other similar property is taxed and purchases by credit unions are subject to sales or
use tax. The shares of credit unions are not subject to any stock transfer tax, either when issued
or when transferred from one member to another. The participation by the credit union in any
unemployment insurance funds, or social security fund, or old-age fund may not be deemed a
waiver of the tax immunities hereby granted.