Section 10
SEC. 10. In consideration of the franchise hereby granted, one-quarter of one per centum of the gross receipts of the enterprise for the first two years, and two and one-half per centum of the gross receipts for the remaining period of the franchise shall be paid quarterly into the Insular Treasury in lieu of all Insular, provincial and municipal taxes on the franchise and the privileges granted hereunder, except taxes on real estate, and the sale of such lumber, building materials, and firewood as shall form the stock mentioned in paragraph (d), section eight hereof. Any penalties imposed in subsection (i) of section eight hereof shall be paid into the Insular Treasury in the same manner. The amount of gross receipts and penalties thus paid shall be distributed between the Insular Government, the subprovince of Benguet, and the city of Baguio, as provided by general law.