Section 68
SEC. 68. No foreign corporation or corporations formed, organized, or existing under any laws other than those of the Philippine Islands shall be permitted to transact business in the Philippine Islands until after it shall have obtained a license for that purpose from the Chief of the Division of Archives, Patents, Copyrights, and Trade-Marks of the Executive Bureau upon order of the Secretary of Finance and Justice in case of banks, savings and loan banks, trust corporations, and banking institutions of all kinds, and upon order of the Secretary of Commerce and Police in case of all other foreign corporations." No order for a license shall be issued , by either of said secretaries except upon a statement under oath of the managing agent of the corporation, showing to the satisfaction of the proper Secretary that the corporation is solvent and in sound financial condition, and setting forth the resources and liabilities of the corporation within sixty days of the date of presenting the statement, as follows: The name of the corporation; The purpose for which it was organized; The location of its principal or home office; The capital stock of the corporation and the amount thereof actually subscribed and paid into the treasury on the (Here Insert date, month, year.) ................................................................... The net assets of the corporation over and above all debts, liabilities, obligations, and claims outstanding against it on the (Here insert date, month, year.).................................................; The name of an agent residing in the Philippine Islands' authorized by the corporation to accept service of summons and process in all legal proceedings against the corporation and of all notices affecting the corporation: Provided, however, That the Secretary of Finance and Justice or c the Secretary of Commerce and Police, as the case may be, before. ordering that a license be issued in the case of any particular corporation, may require further evidence of the solvency and fair dealing of the corporation if in his judgment such further information is essential. Upon filing in the Division of Archives, Patents, Copyrights, and Trade-Marks of the Executive Bureau tin.' said statement a certified copy of its charter and the order of the Secretary of Finance and Justice or of the Secretary of Commerce and Police, as the case may be, for the issuance of a license, the Chief of the said Division shall issue to the foreign corporation as director in the order a license to do business in the Philippine Island and for the issuance of said license the Chief of the said Division shall collect a fee of fifty pesos: Provided, however, That the Secretary of Finance and Justice or the Secretary of Commerce and Police, as the case may be, may issue to any foreign commercial corporation transacting business in the Philippine Islands at the time of the passage of .this Act and continuously in the Philippine Islands for more than three years prior thereto a license to do business in the Philippine Islands without requiring the statement prescribed by this section, but the license to so transact business shall be secured and the fee paid therefor by such corporation.