|REPUBLIC ACT NO. 702 - AN ACT TO
AMEND SECTION FORTY-EIGHT OF ACT NUMBERED THREE THOUSAND FOUR HUNDRED
AND TWENTY-FIVE, ENTITLED "AN ACT PROVIDING FOR THE ORGANIZATION OF
COOPERATIVE MARKETING ASSOCIATIONS, DECLARING THEIR PURPOSES AND
DEFINING THEIR POWERS, RIGHTS AND PRIVILEGES; FIXING THE DUTIES,
RIGHTS, AND LIABILITIES OF THEIR DIRECTORS, OFFICERS, EMPLOYEES, AND
MEMBERS OR STOCKHOLDERS; PRESCRIBING THE CONDITIONS UNDER WHICH THEY
MAY TRANSACT BUSINESS, AND THE LIABILITIES OF AND PENALTIES FOR ANY
PERSON, FIRM, OR CORPORATION INDUCING BREACH OF MARKETING CONTRACTS AND
SPREADING FALSE REPORTS ABOUT THE FINANCES OR MANAGEMENT OF SUCH
ASSOCIATIONS; PROVIDING FOR GOVERNMENT SUPERVISION AND CONTROL OVER
THEM; AND FOR OTHER PURPOSES" |
Section forty-eight of Act Numbered Thirty-four hundred twenty-five is
hereby amended to read as follows: |
"Sec. 48. Exemptions. – Any association organized under this Act shall not be subject to the payment of the merchant's sales tax, the income tax, and all other percentage taxes of whatever nature and description.
"Any exemptions under any and all existing laws applying to agricultural products in the possession or under the control of the individual producer, shall apply similarly and completely to agricultural products delivered by the farmer members to the association, or which are in the possession or under the control of the association."
Sec. 2. This Act shall take effect upon its approval.
Approved: May 9, 1952