Section 1
SECTION 1. There is hereby granted to the Philippine Banking Corporation a franchise, for a period of fifty years from the date of the approval of this Act, to construct, establish, operate and maintain in the Philippines, at such places as the grantee may select, subject to the approval of the Secretary of Public Works and Communications, private fixed point-to-point, coastal and land mobile radio stations, for the reception and transmission of wireless messages on radiotelegraph or radiotelephone, each to be provided with a radio transmitting apparatus and a radio receiving apparatus.