SECTION 1. Section twenty-six hundred and ninety-two of Act Numbered Twenty-seven hundred and eleven, known as the Administrative Code, is hereby amended to read as follows:
"SEC. 2692. Unlawful possession of firearm or ammunition.—A person having possession of any firearm or ammunition in violation of any provision of section eight hundred and seventy-seven to nine hundred and six, inclusive, of this Code shall, upon conviction, be punished by a fine of not less than fifty pesos nor more than five hundred pesos, or by imprisonment for a period of not less than one month nor more than six months, or both, and in the discretion of the Governor-General all firearms and ammunition in the possession of any such person may be seized and, upon proper proceedings, may be declared forfeited to the Insular Government."