Section 185. Franchise tax on farmers', fruit growers', and other like agricultural corporations organized and operated on a co-operative basis

1.  For  the  privilege  of exercising its corporate franchise in this
  state  every  farmers',  fruit  growers'  and  other  like  agricultural
  corporations  organized  and  operated  on  a co-operative basis for the
  purposes  expressed  in  and  as   provided   under   the   co-operative
  corporations  law  of  the  state  of  New  York, shall annually pay, in
  advance, an annual tax to be computed upon the basis of  the  amount  of
  its  capital stock within this state during the preceding year, and upon
  each dollar of such amount. The measure of the amount of  capital  stock
  in this state shall be such a portion of the issued capital stock as the
  gross  assets  employed  in  any  business within this state bear to the
  gross assets wherever employed in business. Provided, however,  that  in
  the  case  of  a corporation taxable hereunder only for the privilege of
  holding property, the measure shall be such  a  portion  of  the  issued
  capital  stock as the gross assets located within this state bear to the
  gross assets wherever located. For the purposes of taxation, the capital
  of a corporation invested in the stock of another corporation  shall  be
  deemed to be assets located where the assets of the issuing corporation,
  other  than  patents,  copyrights, trade-marks, contracts and good will,
  are located.
    2. Every corporation subject to tax under this section shall,  in  any
  event,  pay annually a minimum tax of not less than ten dollars nor less
  than one mill on each dollar of such a portion of the net value  of  its
  issued  capital  stock, which net value for the purposes of this section
  shall be deemed to be not less than five dollars per share,  as  may  be
  determined  to  be within this state as aforesaid upon such of the bases
  hereinbefore provided for the measurement thereof as is applicable.  The
  term  "net value" as used in this section shall be construed to mean not
  less than the difference between a corporation's assets and liabilities,
  and not less than the average price at which such stock sold during  the
  year covered by the report which forms the basis for the tax. But if the
  dividends  paid on the par value of any kind of capital stock during any
  year ending with the thirty-first day of December amount to six or  more
  than six per centum, the tax upon such kind of capital stock shall be at
  the  rate  of one-quarter of a mill for each one per centum of dividends
  paid and shall be computed upon the par value  of  such  capital  stock,
  unless  such a tax be less than the minimum tax hereinbefore provided in
  this section, and the tax commission shall, for  such  purpose,  make  a
  fair  and  equitable  apportionment  of  the  assets  of the corporation
  between or among the different kinds of stock.
    3. If such corporation shall have more than one kind of capital stock,
  and upon one of such kinds of stock a dividend or dividends amounting to
  six or more than six per centum upon the  par  value  thereof  has  been
  paid,  and  upon the other no dividend has been paid, or the dividend or
  dividends paid thereon amount to less than six per centum upon  the  par
  value   thereof,  then  the  tax  shall  be  fixed  upon  each  kind  as
  hereinbefore provided.
    4. The dividend rate for a corporation having stock without nominal or
  par value shall be determined by dividing the amount paid as a  dividend
  or dividends during the year by the amount paid in on such stock and, if
  the  rate  is  six per centum or more, the rate of one-quarter of a mill
  for each one per centum of dividends shall be applied to the amount paid
  in on such  stock,  unless  such  tax  be  less  than  the  minimum  tax
  hereinbefore in this section provided for.
    5.  Every like corporation organized, incorporated or formed under the
  laws of any other state, country or sovereignty shall pay a like tax for

  the privilege of exercising its  corporate  franchise,  or  carrying  on
  business  or  holding  property  in a corporate or organized capacity in
  this  state,  to  be  computed  upon  the  basis  of   the   measurement
  hereinbefore provided for the taxation of domestic corporations.
    6.  The provisions of this section shall be construed to apply only to
  corporations having capital stock and not to such  corporations  as  are
  non-stock,  which  said corporations shall be exempt from taxation under
  the provisions of this article and of article nine-a.