SECTION 1. Section eleven hundred and seventy-two of the Administrative Code, as amended by section one of Act Number Twenty-seven hundred and sixty-one, is hereby further amended to read as follows:
"SEC. 1172. Certificate of Philippine register.-Upon registration of a vessel of domestic ownership, and of more than fifteen tons gross, a certificate of Philippine register shall be issued for it. If the vessel is of domestic ownership and of fifteen tons gross or less, the taking of the certificate of Philippine register shall be optional with the owner.
" 'Domestic ownership,'as used in this section, means ownership vested in some one more of the following classes of persons: (a) Citizens of the Philippine Islands; (b) citizens of the United States residing in the Philippine Islands; (c) any corporation or company composed wholly of citizens of the Philippine Islands or of the United States or of both, created under the laws of the United States, or of any State thereof, or of the Philippine Islands, provided some duly authorized officer thereof, or the agent, master or administrator of the vessel resides in the Philippine Islands; (d) any corporation or company created under the laws of the United States, or of any State thereof, or of the Philippine Islands, provided some duly authorized officer thereof, or the agent, master or administrator of the vessel resides in the Philippine Islands: Provided, That the certificate of Philippine register issued to a vessel because the owner thereof comes under the provisions of this subsection (d), shall extend to the vessel the privelege of engaging only in the foreign or high-sea commerce, but not in the Philippine coastwise trade.
"Any vessel of more than fifteen tons gross which on February eighth, nineteen hundred and eighteen, had a certificate of Philippine register under existing law, shall likewise be deemed a vessel of domestic ownership so long as there shall not be any change in the ownership thereof nor any transfer of stock of the companies or corporations owning such vessel to persons not included under the last preceding paragraph."