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. Paragraph (e) of section three of Act Numbered Twenty-seven hundred and twenty-eight is hereby amended to read as follows:

"(e) To organize, establish, create, maintain, and regulate, and whenever it may deem it proper, authorize the creation, under such regulations as it may prescribe, of commercial exchanges and other public places of exchange, and to suspend and abolish the same, as it may see fit; to qualify, approve, authorize, and license for periods not to exceed three years, as exchange agents, merchandise brokers, ship brokers and interpreters and real-estate brokers, and to suspend and revoke said licenses or any of them for cause; and to organize and authorize associations of exchange agents, merchandise brokers, ship brokers and interpreters and real estate brokers, subject to such regulations as it may prescribe, and to consolidate, suspend and dissolve the same."

SEC. 2. This Act shall take effect on its approval.

Approved, December 2, 1932.