Persons eligible for commercial fishing boat license.
Section 20
SEC. 20. Persons eligible for commercial fishing boat license.—No commercial fishing boat license shall be issued except to citizens of the Philippines or to associations or corporations duly registered in the Philippines, at least sixty per cent (60%) of the capital stock of which is owned by Filipino citizens. No person to whom a license has been issued shall sell, transfer, or assign, directly or indirectly, his stock or interest therein to any person not qualified to hold a license, and any such transfer, sale or assignment shall be null and void and shall not be registered in the books of the association or corporation. For purposes of commercial fishing, fishing boats owned by citizens of the Philippines and corporations or associations qualified under this section, may be issued certificates of Philippine registry and such other documents as are necessary for fishing operations, any provision of law to the contrary notwithstanding: Provided, That the certificate of Philippine registry shall be valid only as long as the fishing boat is engaged in, or used for, fishing operations. For the purpose of this section, fishing operation include the transportation of the fish caught.