Section 1
SECTION 1. Government financial institution who are able, directly or through a subsidiary or subsidiaries, to resume the operation and management of the foreclosed properties of borrower industrial corporations, shall be exempt from the payment of all taxes, fees and charges of whatever kind and nature, whether national or local, that are due by reason of the foreclosure and transfer to the said institutions of the assets of the defaulting borrower, as well as the subsequent transfer of the same assets to the said institutions' subsidiary or subsidiaries.