916

The Secretary of the Treasury is likewise authorized and directed to exempt, retroactively to August 1, 1951, from payment of all taxes, imposts, or property tax the property belonging to the Production Credit Cooperative Associations heretofore or hereafter established in this Commonwealth pursuant to the Farm Credit Act of 1933, as amended, approved by the Congress of the United States of America in the year 1933; Provided, That the property whose exemption is hereby authorized shall be all articles and office furniture and motor vehicles belonging to and for the official use of said cooperative associations, as well as lands which, taken together, do not exceed five (5) cuerdas in area, and the buildings constructed on said lands and used exclusively for installing offices and machinery belonging to the said Production Credit Cooperative Associations, provided the value of said buildings and of the machinery installed therein does not exceed fifty thousand dollars ($50,000); Provided, likewise, That in the case of Production Credit Cooperative Associations whose lands exceed five (5) cuerdas and/or the value of the buildings and machinery exceeds fifty thousand dollars

; Provided, likewise, That in the case of Production Credit Cooperative Associations whose lands exceed five (5) cuerdas and/or the value of the buildings and machinery exceeds fifty thousand dollars ($50,000), such Production Credit Cooperative Associations shall be bound to pay tax on the excess; Provided, likewise, That the tax exemption hereby authorized shall also include shares of stock issued by said Production Credit Cooperative Associations within the powers and faculties granted to them by the Farm Credit Act of 1933, as subsequently amended, and the regulations thereunder. History —May 12, 1952, No. 402, p. 806, § 2.