Section 1.    Act Numbered Fourteen hundred fifty-nine, as amended, otherwise known as the Corporation Law, is further amended by inserting between Section s seventy-four and seventy-five thereof a new section which shall read as follows:

"Sec. 74.    Any professional, civil or other non-profit or non-stock organization in existence for fifteen years may, upon the written consent of two-thirds of the membership entitled to vote at a meeting called for the purpose, incorporate itself as a non-stock or non-profit corporation by filing with the Securities and Exchange and Exchange Commission articles of incorporation verified by affidavit or affirmation of its president or secretary, setting forth the following:  

"(1)    That it is a professional, civic or any other non-profit on non-stock corporation;

"(2)    That two-thirds of its membership have given their written consent or have voted to incorporate at a meeting held for the purpose;

"(3)    The place where the principal office of the corporation is to established and located which place must be within the Philippines;

"(4)    The names and addresses of the members of the board.