Section 1
SECTION 1. Section one of Act Numbered Twenty-seven hundred and seventy-two is hereby amended to read as follows: "SECTION 1. Any corporation organized, or to be organized, under any law, or laws, of the Philippine Islands, is hereby authorized to merge or consolidate into a single corporation with any other corporation organized, or to be organized, under any law, or laws, of the United States or of any State or Territory of the United States, or of the Philippine Islands, and owning and operating any railway lines within the Philippine Islands: Provided, however, That no such merger or consolidation shall take place between any railroad corporation or between any railroad corporations and other carrier by land or water whereby competing agencies of transportation are reduced to one control."