Section 4: Corporation not to be exempted from taxation, etc.

(1) Subject to subsection (2) of this section, the Corporation shall be liable to taxation under any applicable law (including liability for any duty, rate, levy or other charge whatsoever, whether general or local, properly levied and payable).
(2) Nothing in this section shall be construed as imposing liability for company income tax upon the Corporation until such time as the amount in the general reserve fund of the Corporation is for the first time equal to twice the amount of the paid-up capital of the Corporation.