79-17-37 - Powers of federation. - Mississippi Statutes

§ 79-17-37. Powers of federation.
 

Any such federation incorporated hereunder for the purpose of carrying out the purposes of this chapter and the rendition of services to its constituent members and their members shall have all the rights, powers, privileges and immunities herein given its constituent members as an incorporated association hereunder. The members of the constituent members of such federation shall be treated as members of the federation to the extent that services rendered to them by the federation shall be considered to be rendered to its own members. 
 

Each incorporated association or federation organized hereunder shall be exempt from the payment of income and franchise taxes, and shall be exempt from the payment of sales taxes on all agricultural products and products of the farm, grove, or garden grown in Mississippi. All exemptions applying to agricultural products grown in Mississippi in the possession or under the control of the producer shall apply similarly and completely to such products when delivered by the producer to such association or federation, and while in its possession or under its control or owner of it. 
 

All shares of stock in any federation or association organized under this chapter shall be exempt from ad valorem taxation. Dividends or other net earnings paid to the holders of such stock, or to members of such federation or association, however, shall not be exempt from income taxation in the hands of such shareholder or member. 
 

Sources: Codes, 1930, § 4097; 1942, § 4492; Laws,  1930, ch. 109; Laws, 1936, ch. 328; Laws, 1940, ch. 126; Laws, 1944, ch. 136; Laws, 1954, ch. 151, § 1, eff May 1, 1954.