Any institution or organization, exempt from income taxation under the Revenue and Taxation Code of the state, which carries on any business, occupation or activity wholly for the benefit of charitable purposes, or from which profit is not derived, either directly or indirectly by any individual, is exempt from the license tax; provided that such business, occupation, or activity so carried on is exempt from income taxation under the Revenue and Taxation Code of the state.
('61 Code, § 13.21) (Ord. 402, passed - - )