St. Mary's School for Girls v. Concord

“Section 1. The personal property of institutions devoted to educational purposes, charitable and religious societies and of temperance societies, incorporated within this state, and the real estate owned and occupied by them, their officers or their students for the purposes for which they are incorporated shall be exempt from taxation, provided none of the income or profits of the business of such corporations or institutions is divided among the stockholders or members, or is used or appropriated for other than educational, charitable or religious purposes, and provided further, that in…