Section 24
SEC. 24. In consideration of the granting of this franchise, the grantee shall pay annually to the Government of the Philippine Islands one-half of one per centum of the gross receipts from the passenger and freight traffic on said railroad lines for the first thirty years, and after this period and for fifty years thereafter, one and one-half per centum, and after such period of eighty years the percentage and amount so to be paid annually by the grantee shall be fixed by the Legislature. Such annual payments, when promptly and fully made by the grantee, shall be in lieu of all taxes of every name and nature—municipal, provincial, or Insular—upon its capital stock, franchises, right of way, earnings, and all other property owned or operated by the grantee under this concession.