§ 3019 — Exemption from taxation

§ 3019. Exemption from taxation. 1. It is hereby determined that the\ncreation of a corporation and the carrying out of its corporate purpose\nis in all respects a public and governmental purpose for the benefit of\nthe people of the state and for the improvement of their health, safety,\nwelfare, comfort and security, and that said purposes are public\npurposes and that a corporation will be performing an essential\ngovernmental function in the exercise of the powers conferred upon it by\nthis act.\n 2. The property of a corporation and its income and operations shall\nbe exempt from taxation.\n 3. The notes and bonds of a corporation issued pursuant to authority\ngranted in the special act creating it or this act and the income\ntherefrom and all its fees, charges, gifts, grants, revenues, receipts\nand other moneys received or to be received, pledged to pay, or secure\nthe payment of, such notes or bonds shall at all times be free from\ntaxation, except for estate and gift taxes and taxes on transfers.\n