An Act to amend section 501(c) of the Internal Revenue Code of 1954 to exempt fromtaxation certain nonprofit corporations and associations operated to provide reserve funds for domestic building and loan associations, and for other purposes
PL 89-352 (H.R.327), enacted 02/02/1966

PUBLIC LAW 89-351-JAN. 21, 1966 
[80 STAT. 
January 21, 1966 
[H. J. Res. 767] 
National Ski 
Week. 
Proclamation. 
Public Law 89-351 
JOINT RESOLUTION 
Authorizing the President to proclaim National Ski Week. 
Resolved hy the Senate and House of Rej)resentatives of the United 
States of America in Congress assembled, That the President of the 
United States is hereby authorized and requested to issue a proclama-
tion designating the period beginning January 21, 1966, and ending 
January 30, 1966, as "National Ski Week", in recognition of the eco-
nomic, recreational, and healthful aspects of the sport of skiing; and 
inviting the people of the United States to observe such week by par-
ticipation in appropriate ceremonies and activities. 
Approved January 21, 1966. 
February 2, 1966 
[H.R. 327] 
Public Law 89-352 
AN ACT 
To amend section 501(c) of the Internal Revenue Code of 1954 to exempt from 
taxation certain nonprofit corporations and associations operated to provide 
reserve funds for domestic building and loan associations, and for other 
purposes. 
Nonprofit orga-
nizations. 
Tax exemptions. 
68A Stat. 165. 
26 u s e 501. 
26 u s e 511. 
Be it enacted by the Senate and House of Representatives 
of the 
United 
States 
of America 
in Congress assembled, That section 
501(c) (14) of the Internal Revenue Code of 1954 (relating to certain 
organizations exempt from Federal income tax) is amended to read 
as follows: 
"(14) (A) Credit unions without capital stock organized and 
operated for mutual purposes and without profit. 
"(B) Corporations or associations without capital stock orga-
nized before September 1,1957, and operated for mutual purposes 
and without profit for the purpose of providing reserve funds for, 
and insurance of shares or deposits in— 
" (i) domestic building and loan associations, 
"(ii) cooperative banks without capital stock organized 
and operated for mutual purposes and without profit, or 
"(iii) mutual savings banks not having capital stock rep-
resented by shares. 
"(C) Corporations or associations organized before September 
1,1957, and operated for mutlial purposes and without profit for 
the purpose of providing reserve funds for associations or banks 
described in clause (i), (ii), or (iii) of subparagraph ( B ) ; but 
only if 85 percent or more of the income is attributable to provid-
ing such reserve funds and to investments. This subparagraph 
shall not apply to any corporation or association entitled to 
exemption under subparagraph (B)." 
SEC. 2. Section 511(a) (2) (A) of such Code (relating to organiza-
tions subject to tax) is amended by inserting "(14) (B) or (C),'" after 
"(6)," in the heading and in the text. 
SEC. 3. The amendment made by the first section of this x^ct shall 
apply to taxable years ending after the date of the enactment of this 
Act. The amendment made by section 2 shall apply to taxable years 
beginning after the date of the enactment of this Act. 
Approved February 2, 1966.