Section 1
SECTION 1. The third paragraph of section eleven hundred and seventy-two of Act Numbered Twenty-seven hundred and eleven, as amended by Acts Numbered Twenty-nine hundred and twelve and Thirty hundred and eighty-four, is hereby further amended to read as follows: "Any vessel of more than fifteen tons gross which on February eighth. nineteen hundred and eighteen, had a certificate of Philippine register under existing law, shall likewise be deemed a vessel of domestic ownership so long as there shall not be any change in the ownership nor any transfer of stock of the companies or corporations owning such vessel to persons who are not citizens of the Philippine Islands or of the United States, and if any such vessel should have been, during this year, or should be, hereafter, totally lost through shipwreck, collision or any other marine disaster, while being lawfully operated under the provisions hereof, it may be replaced with another vessel of the same or lesser tonnage by the same person, company, or corporation owning and operating same by virtue of this-section, under such terms and conditions as may be prescribed by the Collector of Customs consistent with public policy and with the view to its utility for Government service in case of war or any public emergency."