Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same:

SECTION 1. Act Numbered Twenty-nine hundred and thirty-eight, as amended, is hereby further amended by making the words "general manager" and "assistant general manager", wherever they appear in said Act and its amendments, read "president" and "vice-president", respectively, and wherever the words "president" and "vice-president" appear, they shall be read "chairman" and "vice-chairman", except in section eleven of said Act Numbered Twenty-nine hundred and thirty-eight, where the word president shall be retained in the sense in which said word is used in the present Act, for the purpose of signing the bonds.

SEC. 2. This Act shall take effect on January first, nineteen hundred and thirty-three.

Approved, December 3, 1932.