18-550.

§18-550.


    Any such charitable or educational corporation may borrow money
and incur debts either for its principal purposes, or for the
furtherance of any or all its business enterprises or both.  In case
money is borrowed to aid any corporation, a majority of whose stock
is lawfully owned by such charitable or educational  corporation, it
may loan or advance the same to such controlled corporation on such
terms as may seem advisable to its trustees.  Any such charitable or
educational corporation so borrowing money to aid any other
corporation as aforesaid, may evidence its indebtedness by notes or
bonds and secure their payment by mortgaging and pledging all or any
part of its property, real, personal and mixed, except the real
estate, buildings and personal property consisting of household
goods, farm implements and domestic animals used for the ordinary
conduct and operation of the institution of such corporations, which
last-named property shall never be liable, or in any manner taken for
indebtedness, charge or lien of any nature whatsoever contracted by
such corporation, to aid another corporation as aforesaid, provided
that if any charitable or educational corporation shall maintain or
carry on any auxiliary business under the terms of Section 549 of
this title, either directly or through any other corporation or
corporations, such fact shall be held to be an agreement on its part
and on the part of such other corporation or corporations that all
property owned by, devoted to, or used in such auxiliary business
hereunder, shall be subject to taxation for all purposes in the same
manner as taxable property generally and that such property shall not
be exempt from taxation by reason of the fact that the revenues or
profits or a portion thereof, are used or intended to be used as
additional funds for carrying out the charitable or educational
purposes of such corporation or for reinvestment by or in behalf of
such charitable or educational corporation; and it is hereby declared
that no such property shall be exempt from taxation; and provided,
further, that the real estate, buildings, and personal property
consisting of household goods, farming implements and domestic
animals necessary for the ordinary conduct and operation of such
charitable or educational corporations, shall be exempt from
taxation.