Who may apply for licenses to take marine mollusca.
Section 24
SEC. 24. Who may apply for licenses to take marine mollusca.—Any citizen of the Philippine Islands or of the United States and any association or corporation of which at least sixty-one per centum of the capital stock or of any interest in said capital stock belongs wholly to citizens of the Philippine Islands or of the United States and which is organized and constituted 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, or any citizen of any country the laws of which grant similar rights to citizens of the Philippine Islands, may file an application for license to take marine mollusca in Philippine waters: Provided, however, That all foreign persons, associations or corporations who, at the time this law goes into effect, have legally obtained a license under the provisions of Act Numbered Twenty-six hundred and four to take marine mollusca, may be granted renewals oi such licenses so long as they have not been guilty of any violation of this Act, Act Numbered Twenty-six hundred and four, or the customs laws, or the regulations promulgated thereunder: Provided, also, That no individual, association or corporation licensed to take marine mollusca shall be authorized to transfer or assign its or his interest or sell its or his stock directly or indirectly to persons, associations or corporations not qualified under the terms of this Act to take marine mollusca, under penalty of forfeiture of its or his license: Provided, further, That a 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 be cause of the forfeiture of the license of such association or corporation, but said transfer shall be null and void and shall not be registered in the books of such association or corporation.