§ 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.