393. Immovables owned by a charitable or educational religious institution or corporation to derive income shall be assessed by the commissioners of the school board or of the dissentient school board according to the religious majority or minority to which the corporation or institution belongs, and for the exclusive benefit of that majority or minority, or in conformity with the declarations which it may make to that effect.
R. S. 1964, c. 235, s. 425; 1979, c. 72, s. 361; 1989, c. 36, s. 279; 1990, c. 35, s. 16.