SECTION 1. Act Numbered Fourteen hundred fifty-nine, as amended, otherwise known as the Corporation Law, is further amended by inserting between Sections seventy-four and seventy-five thereof a new section which shall read as follows:
"SEC. 741/2 Any professional, civic 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, corporate itself as a non-stock or non-profit corporation by filing with the Securities 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 or 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 be established and located, which place must be within the Philippines;
"(4) The names and addresses of the members of the board.
"Such corporation shall be entitled to continue its internal government under the terms and conditions of its constitution and by-laws, and to have all the privileges and obligations of other corporations established under this Act, except insofar as inconsistent with the provisions of its constitution and by-laws."