Section 4.- The following shall be exempt from company tax:
(1) Co-operative societies engaged in the production, processing, conservation and sale of agricultural and livestock produce, together with associations of such co-operatives, functioning in pursuance of the relevant statutory provisions but excluding the following operations:
•selling in retail stores distinct from their main premises;
• processing goods or by-products other than those intended for human or animal consumption, or likely to be used as raw materials in agriculture, livestock or industry;
• business done by the above-mentioned co-operative societies or associations with non-members.
(2) Agricultural and pastoral unions, supply and purchase co-operatives operating pursuant to the provisions governing them;
(3) Agricultural mutual credit funds;
(4) Mutual-aid societies and associations;
The profits made by non-profit associations which organize, with the help of local councils or public bodies, fairs, exhibitions, sports meetings or other public events for an object defined by
(5) their statutes and of acknowledged economic and social interest;
(6) Regional and local authorities and their public-utility services;
(7) Societies or bodies, responsible for rural development, which are recognized as being of public utility;
(8) Public boards for the allocation of low-cost housing;
(9) Private clubs and societies, for their non-profit-making activities;
(10) Non-profit private education establishments; this exemption shall
equally apply under the same conditions to industrial and commercial profits.
(11) The National Social Insurance Fund on the part on the benefit that
deals with salaries.
(12) Open-end investment companies (SICAV), mutual investment funds
and mutual credit funds for profits made as part of their legal activity.
(13) Economic interest groups, for the share of their profits distributed to
their members that are natural persons.
(14) Public hospital establishments.