Section 8
SEC. 8. Section 12 of the same Act is amended to read as follows: "SEC. 12. Exemption from tax. — The Authority shall be exempt from all taxes, fees, imports and duties of whatever nature, whether national, provincial, city or municipal, incidental to its operations: Provided, That its subsidiary corporations shall likewise be exempt from all said taxes, fees, imports and duties: Provided, further, That in the event the Authority shall have transferred control or ownership of such subsidiary corporation to the private sector, the same shall be subject to all said taxes after said transfer. All notes, bonds and debentures and other obligations issued by the Authority shall be exempt from all taxes, both as to principal and interest.