Persons and corporations eligible for licenses.
Section 20
SEC. 20. Persons and corporations eligible for licenses.—No license for the operation of vessels for the catching of fish in the territorial waters of the Philippine Islands shall be issued, except to citizens of the Philippine Islands or of the United States, or to associations or corporations that are duly registered or incorporated under the laws of the Philippine Islands or of the United States or of any State thereof and authorized to transact business in the Philippine Islands, and at least sixty-one per cent of whose capital stock or interest in said capital stock belongs wholly to citizens of the Philippine Islands or of the United States, or to citizens of countries the laws of which grant similar rights to citizens of the Philippine Islands: Provided, however, That all individuals, associations or corporations now operating vessels of more than three tons gross for the commercial catching of fish may obtain licenses for the vessels which they are operating at the time this law goes into effect and may renew such licenses for the same vessels so long as they are utilized for the commercial catching of fish and the holders of such licenses have not been guilty of any violation of this Act, or the customs laws, or the regulations promulgated thereunder: Provided, further, That no individual, association or corporation licensed to operate a vessel under the terms of this Act shall be authorized to transfer or assign its or his interest or sell its or his stock directly or indirectly to individuals, associations or corporations not qualified under the terms of this Act to hold a license, under penalty of forfeiture of its or his license: Provided, also, That the transfer made by a stockholder or member of an association or corporation of his stock or interest in violation of the provisions hereof shall not cause the forfeiture of the license of such association or corporation, but such transfer shall be null and void and shall not be registered in the books of such association or corporation: And provided, finally, That for the purposes of this Act, persons, associations and corporations engaged in fishing which have their base of operations in the Islands or bring fish to any port, city, municipality or municipal district of the Archipelago shall be presumed to nave caught fish in the territorial waters of the Philippine islands.