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

SECTION 1. The transfer of the franchise granted to the Evening News Publishing Co., Inc., by Republic Act Numbered thirteen hundred thirty-seven in favor of the Inter-island Broadcasting Corporation, together with all the rights and privileges of, including any channel and/or frequency assignments and permits that may have been granted to, the former is hereby authorized and approved: Provided, That this transfer of franchise shall be void unless the construction of at least one radio broadcasting station or one television station be begun within two years from the date of approval of this Act.

Approved, June 20, 1959.