Section 71
SEC. 71. The Secretary of Finance and Justice or the Secretary of Commerce and Police, as the case may he, by and with the approval of the Governor-General, may revoke the license to transact business in the Philippine Islands of any corporation not formed, organized, or existing under the laws of the Philippine islands, should such Secretary and the Governor-General find the condition of the corporation to be one of insolvency or that its continuance in business will involve probable loss to those transacting business with it, and after such revocation it shall be unlawful for any such corporation to transact business in the Philippine Islands unless its license is renewed or reissued. In case of revocation of license the Attorney-General shall take such proceedings as may be proper to protect creditors and the public.