§ 428. Fraternal organizations; entire net income for education and
relief of members. Real property owned by any fraternal corporation,
association or body created to build and maintain a building or
buildings for its meeting or meetings of the general assembly of its
members or subordinate bodies thereof and for the accommodation of other
fraternal corporations, associations or bodies, the entire net income of
which real property is exclusively applied or to be used to build,
furnish and maintain one or more asylums, homes or schools for the free
education or relief of its members or for the relief, support and care
of the worthy and indigent members thereof, their spouses, surviving
spouses or orphans, shall be exempt from taxation and exempt from
special ad valorem levies and special assessments to the extent provided
in section four hundred ninety of this chapter.