SECTION 1. Section twelve hundred and eighteen of Act Numbered Twenty-seven hundred and eleven, known as the Administrative Code, as amended by Act Numbered Thirty-four hundred and seventy-two, is hereby further 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) citizen of the United States; (b) citizens of the Philippine Islands; (c) domestic corporation or companies seventy per centum of whose corporate capital belongs to citizens of the United States or of the Philippine Islands: Provided, That the present owners of vessels with bay and river license under existing law who do not possess any of the requirements herein prescribed, may nevertheless continue operating such vessels as eligible for said bay and river license."