Section 4
SEC. 4. The provisions of the Corporation Law and of existing laws regulating agricultural or other cooperative associations, as are not inconsistent with the provisions of this Act, shall apply to the cooperative associations herein authorized. Such cooperative associations, as well as those organized prior to the approval of this Act under existing laws at least sixty-one per centum, of the capital of which is owed by citizens of the Philippines or of the United States, shall, during the first five years from their organization, be exempted from all taxes and Government fees of whatever riane and description.