Section 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.