917a

The Baltimore Bank for Cooperatives, organized under the provisions of an act of the Congress of the United States of America entitled Farm Credit Act of 1933, is an institution of the United States which operates in a cooperative manner, and said bank, its properties, its franchise, capital, reserves, surplus and other funds, and its income, shall be exempt from the payment of taxes, imposts, and property taxes heretofore or hereafter levied by the laws of the Commonwealth of Puerto Rico. The exemption herein granted shall have retroactive effect to January 1, 1969; Provided, That the exemption herein granted shall not apply to tangible real and personal property pertaining to said bank and subject to tax in the same manner as any other similar property subject to the payment of taxes under the law of the Commonwealth. History —May 12, 1952, No. 402, p. 806, § 4; June 28, 1969, No. 123, p. 365.