Alabama Code 23-7-10. Essential governmental function of bank; taxation
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Terms Used In Alabama Code 23-7-10
- property: includes both real and personal property. See Alabama Code 1-1-1
The bank is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligations acquired or used by the bank or upon the income from them.