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 Three thousand three hundred and eighteen providing for the registration of contracts of agency and their revocation and for other purposes, is hereby repealed.

SEC. 2. Every contract of civil or commercial agency and every act performed pursuant thereto, or obligation created or undertaken thereby or thereunder which, but for the provisions of Act Numbered Three thousand three hundred and eighteen would have been valid and subsisting under and by virtue of the provisions of law existing prior to the enactment of said Act Numbered Three thousand three hundred and eighteen, are hereby ratified, confirmed, and validated to the same extent as if said Act Numbered Three thousand three hundred and eighteen had not been enacted: Provided, however, That nothing in this Act shall be construed to impair acquired rights under said Act Numbered Thirty-three hundred and eighteen by any person, company or corporation.

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

Approved, December 3, 1927.