915

To authorize and direct the Secretary of the Treasury, as he is hereby authorized and directed, to exempt from the payment of income taxes, retroactively to August 1, 1951, date on which the said Production Credit Cooperative Association, known as Puerto Rico Production Credit Association, ceased to enjoy the above mentioned tax exemptions by virtue of the said federal legislation of the Congress of the United States of America, all Production Credit Cooperative Associations created and organized pursuant to the Farm Credit Act of 1933, as amended, approved by the Congress of the United States of America in the year 1933, heretofore or hereafter established in this Commonwealth; Provided, That such exemption from the payment of such income taxes shall have retroactive effect to August 1, 1951. History —May 12, 1952, No. 402, p. 806, § 1.