New Jersey Statutes 17:48A-24. Corporation as charitable and benevolent institution; tax exemption
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Terms Used In New Jersey Statutes 17:48A-24
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
Any corporation subject to the provisions of this act is hereby declared to be a charitable and benevolent institution, and its funds and property shall be exempt from taxation by the State or any political subdivision thereof.
L.1940, c. 74, p. 198, s. 24.