Section 1
Sec. 1. The existence of a state of National emergency caused by die present war among several nations of the world requires that the transfer of vessels and shipping facilities owned in whole or in part by Filipino citizens, or by corporations organized under the laws of the Philippines, or registered therein, be regulated to maintain the strictest neutrality and to meet the shortage of bottoms for the transportation of products between the Philippines and foreign countries aid in the coastwise trade.