Section 7
SEC. 7. The same Act is amended by adding after Section Thirty thereof the following new Section to be denominated Section Thirty One thereof: "SEC. 31. The provision of any law to the contrary notwithstanding all income of the Bank derived from its operations and the exercise of its function shall be free from all past and future assessment whatsoever except under Section 24 of the National Internal Revenue Code. Taxes due to the National Government on income of the bank under Section 24 of the National Internal Revenue Code shall, beginning with taxes due on income for calendar year 1978, be automatically applied to the payment of the subscribed capital stock of the Government in the Bank."