Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. The entire proceeds derived from the Grand Derby races held by the Philippine Tuberculosis Society, after deducting the expenses of administration in accordance with law, shall be paid exclusively into the funds of the said Society.

SEC. 2. All acts or parts of acts inconsistent with the provisions of this Act are repealed.

SEC. 3. This Act shall take effect upon its approval.

Approved, March 29, 1948.