N.Y. Banking Law § 407: Exemptions

§ 407. Exemptions. Savings and loan associations shall be deemed

institutions for savings, and such associations and the property of such

associations shall be exempt from taxation under any law which shall

exempt savings banks or institutions for savings from taxation. The

shares held by members of any association and the dues and dividends

credited thereon shall be exempt from sale on execution and proceedings

supplementary thereto to the amount of six hundred dollars, and the

members of any such association shall not be individually liable for the

payment of its debts. The shares of savings and loan associations shall

not be subject to the stock transfer tax either when issued by the

association or when transferred from one member to another.