SECTION 1. Section twelve hundred and eighteen of Act Numbered Twenty-seven hundred and eleven, known as the Administrative Code, is hereby amended to read as follows:
"SEC. 1218. Vessels eligible for bay and river license.— To be eligible for the bay and river license, a vessel must be built in the Philippine Islands or in the United States, and the ownership of such vessel must be vested in some one or more of the following classes of persons: (a) Citizens of the United States; (b) Citizens or residents of the Philippine Islands; (c) Domestic corporations or companies; (d) Foreign corporations or companies lawfully engaged in business in the Philippine Islands.
Vessels actually engaged in the bay and river business in any port of the Philippine Islands on the twenty-ninth day of April nineteen hundred and eight, may be licensed in the future for the same business, regardless of ownership or place of construction, subject in other respect to the same regulations and conditions as other vessels: Provided, however, That vessels of one hundred fifty gross tons or over may be licensed regardless of the place of their construction."