(a) Each association organized or existing under this subchapter shall pay an annual license fee of ten dollars ($10.00) to the Secretary of State.
(b)
(1) In addition, each association shall be subject to the Arkansas Gross Receipts Act of 1941, as amended, § 26-52-101 et seq., and the Arkansas Compensating Tax Act of 1949, as amended, § 26-53-101 et seq., and all other taxes levied in this state. However, any association which immediately distributes at the close of each business year all surpluses by cash or certificate to its members shall not be subject to the Income Tax Act of 1929, § 26-51-101 et seq., with respect to the income.
(2) Each association shall be subject to taxes upon its real estate and personal property.