"Section 67. Grant of fishery. — A municipal council shall have authority, for purposes of profit, to grant the exclusive privilege of erecting fish corals, or operating fishponds, or taking or catching "bangus" fry known as "kawag-kawag," within any definite portion, or area, of the municipal waters, as defined in article two of this Act, to any citizen of the Philippines or any association or corporation of which at least sixty-one per centum of the capital stock or of an wholly to citizens of the Philippines and which is organized and constituted under the laws of the Philippines: Provided, That no individual, association or corporation granted a municipal grant, license or permit shall be authorized to transfer or assign its or his interest or sell its or his stock directly or indirectly to persons, association or corporations not qualified to hold under the terms of this chapter, under penalty of forfeiture of its or his grant, license or permit: Provided, further, That a transfer made by a stockholder or member of an association or corporation of his stock or interest in violation of the provisions hereof shall not be cause of the forfeiture of the grant, license or permit of such association or corporation, but said transfer shall be null and void and shall not be registered in the books of such association or corporation."

Section 2. Section sixty-nine of the same Act is hereby amended to read as follows:

"Section 69. Restriction upon letting of fishery to private party.-When the privilege to erect fish corals, or operate fishponds, or take or catch "bangus" fry, known as "kawag-kawag" is granted to a private party as herein above authorized, the same shall be let to the highest bidder for a period not exceeding five years, or upon the previous approval of the provincial board, for a longer period not exceeding twenty years, under such conditions as shall be prescribed by the Secretary of Agriculture and Commerce."

Section 3. Section seventy of the same Act is hereby amended to read as follows:

"Section 70. License tax upon taking of fish in municipal waters. — A municipal council shall grant the privilege of taking fish in its municipal waters with nets, traps, or other fishing tackle, with the exception of "bangus" fry, known as "kawag-kawag" mentioned in sections sixty-seven and sixty-nine hereof, upon payment of a municipal license tax, to persons qualified according to section sixty-seven hereof, except those already licensed under article five of this Act: Provided, That no such license shall confer an exclusive right of fishery; that the imposition of this license tax upon this privilege shall be levied only once in any given year upon any fisherman; that the levy is to be made by the municipality wherein the fisherman is a resident; and that the possession and exhibition of the receipt evidencing payment of the license tax shall entitle the fisherman to fish in any municipal waters in the Philippines: Provided, however, That in case the fee in the municipality where the fisherman desires to fish is greater than the fee in the municipality where he obtained his license, the former municipality may collect from him the difference between the two fees."  

Section 4. This Act shall take effect upon approval.

Approved: November 3, 1936.