Section 1
SECTION 1. There is hereby granted to Mauro Prieto of the city of Manila, Philippine Islands, and his associates, the right and power to found, establish, and maintain, subject to the provisions of this Act, a mortgage bank, to be known as the Mortgage Bank of the Philippine Islands, hereinafter referred to as the bank: Provided, That not later than August first, nineteen hundred and thirteen, Mauro Prieto and associates shall furnish bond in the sum of twenty-five thousand pesos in favor of the Insular Government to guarantee the establishment of said mortgage bank, and not later than February first, nineteen hundred and fourteen, said Mauro Prieto and his associates shall organize a corporation in accordance with the laws of the Philippine Islands and establish said bank.