"Section 1. In order to compensate the provinces, sub provinces, chartered cities, municipalities, and municipal districts for the loss which they may incur in their respective revenues on account of the abolition of the cedula tax, there is hereby appropriated, out of any funds in the National Treasury not otherwise appropriated, the sum of five million nine hundred fifty thousand pesos, or so much thereof as may be necessary, to be distributed by the Secretary of Finance, among the provinces, sub provinces, chartered cities, municipalities, and municipal districts on the basis of their shares in the proceeds of the cedula tax collected during the year nineteen hundred and thirty-seven."

Sec.2. This Act shall take effect on January 1, 1938.