Exemption of savings institutions.
Section 77
SEC. 77. Exemption of savings institutions.—The deposits in associations or companies known as provident institutions, savings banks, savings funds, or savings institutions, having no capital stock and which do no other business than receiving deposits to be loaned or invested for the sole benefit of the parties making such deposits and without profit or compensation to the association or company, shall be exempt from this tax on so much of their deposits as such institutions have invested in securities satisfactory to the Insular Treasurer and on all deposits, not exceeding four thousand pesos, made in the name of any one person. Reduced circulation.