(a)  For the purposes of taxation, under chapters 11 and 12 [repealed] of title 44, of an association formed under this chapter without capital stock, the words “share” and “stock” and “capital stock” are construed to include within their meaning memberships in the association.

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(b)  For the purposes of taxation, under chapter 11 of Title 44, of an association formed under this chapter without capital stock, the tax, if any, is based on the number of memberships outstanding in the association.

(c)  The par value of the memberships shall, for the purposes of computing the amount of tax due under chapters 11 and 12 [repealed] of title 44, be taken as the amount for which the memberships were issued.