[Code of Federal Regulations]
[Title 26, Volume 7]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.501(c)(14)-1]

[Page 29-30]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.501(c)(14)-1  Credit unions and mutual insurance funds.

    Credit unions (other than Federal credit unions described in section 
501(c)(1)) without capital stock, organized and operated for mutual 
purposes and without profit, are exempt from tax under section 501(a). 
Corporations or associations without capital stock organized before 
September 1, 1951 and operated for mutual purposes and without profit 
for the purpose of providing reserve funds for, and insurance of, shares 
or deposits in:
    (a) Domestic building and loan associations as defined in section 
7701(a)(19),

[[Page 30]]

    (b) Cooperative banks without capital stock organized and operated 
for mutual purposes and without profit, or
    (c) Mutual savings banks not having capital stock represented by 
shares,

are also exempt from tax under section 501(a). In addition, corporations 
or associations of the type described in the preceding sentence which 
were organized on or after September 1, 1951, but before September 1, 
1957, are exempt from tax under section 501(a) for taxable years 
beginning after December 31, 1959.

[T.D. 6493, 25 FR 9219, Sept. 27, 1960]