Grant of fishery.
Section 67
SEC. 67. Grant of fishery.—A municipal council shall have authority, for purposes of profit, to grant the exclusive privilege of erecting fish corrals or operating fishponds within any definite portion, or area, of the municipal waters, as denned in article two of this Act, to any citizen of the Philippine Islands or of the United States, or 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 to any citizen of any country the laws of which grant similar rights to citizens of the Philippine Islands: Provided, however, That all foreign persons, associations or corporations who, at the time this law goes into effect, have legally obtained a municipal grant, license or permit to erect fish corrals or operate fishponds within municipal waters, may be granted renewals of such grants, licenses or permits so long as they have not been guilty of any violation of this Act, Article XXI of Chapter fifty-seven of Act Numbered Twenty-seven hundred and eleven, known as the Administrative Code, or the regulations promulgated thereunder: Provided, also, That no individual, association or corporation granted a municipal grant, license or permit 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 to hold a municipal ungrant, license or permit under the terms of this chapter, under penalty of forfeiture of its or his grant, license or permit: 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 grant, license or permit 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.