Page:United States Statutes at Large Volume 47 Part 1.djvu/789

 72d CONGRESS. SESS. II. CH.11. JANUARY 17, 1933 . 765 (e) The government of the Commonwealth of the Philippine taGr uated export Islands shall impose and collect an export tax on all articles that may be exported to the United States from the Philippine Islands free of duty under the provisions of existing law as modified by the foregoing provisions of this section, including the articles enumer- ated in subdivisions (a), (b), and (c), within the limitations therein specifi ed, as fo llows (1) During the sixth year after the inauguration of the new gov- ernment the export tax shall be 5 per centum of the rates of duty which are required by the laws of the United States to be levied, colle cted, and pa id on like articl es imp orted from f oreig n coun tries ; (2) During the seventh year after the inauguration of the new government the export tax shall be 10 per centum of the rates of duty which are required by the laws of the United States to be levied, colle cted, and pa id on like articl es imp orted from f oreig n coun tries ; (3) During the eighth year after the inau guration of the new government the export tax shall be 15 per centum of the rates of duty which are required by the laws of the United States to be levied, coll ected, and p aid on like artic les im ported from forei gn cou ntries ; (4) During the ninth year after the inauguration of the new gov- ernment the export tax shall be 20 per centum of the rates of duty which are required by the laws of the United States to be levied, colle cted, and pa id on like articl es imp orted from f oreig n coun tries ; (5) After the expiration of the ninth year after the inauguration of the new government the export tax shall be 25 per centum of the rates of duty which are required by the laws of the United States to be levied, collected, and paid on like articles imported from foreign countries. The government of the Commonwealth of the Philippine Islands tb$ nkmm fund created shall pace all funds received from such export taxes in a sinking ing inde btedn ess. fund, and such fund shall, in addition to other moneys available for that purpose, be applied solely to the payment of the principal and interest on the bonded indebtedness of the Philippine Islands, its Provinces, municipalities, and instrumentalities, until such indebted- ness has been fully discharged. When used in this section in a geographical sense, the term ." rued . states " Un ited States " includes all Territories and possessions of the Un ited Stat es, exce pt th e Ph ilipp ine Islan ds, the Virgi n Is lands, American -Samoa, and the island of Guam . SEo. 7 . Until the final and complete withdrawal of American sov- Provisi ons rea din g final wi thd ra wal of ereignty over the Philippine Islands- American sovereignty. (1) Every duly adopted amendment to the constitution of the tSubmission nai~; government of the Commonwealth of the Philippine Islands shall be submitted to the President of the United States for approval . If the President approves the amendment or if the President fails to dis- approve such amendment within six months from the time of its submission, the amendment shall take effect as a part of such constitution . (2) The President of the United States shall have authority to ryanib of the suspend the taking effect of or the operation of any law, contract, or executive order of the government of the Commonwealth of the P hilipp ine Is lands, whic h in h is jud gment will result in a failur e of the government of the Commonwealth of the Philippine Islands to fulfill its contracts, or to meet its bonded indebtedness and interest t hereon or to prov ide fo r its sinkin g fund s, or which seems likel y to impair the reserves for the protection of the currency of the Philip- pine Islands, or which in his judgment will violate international obliga tions of th e Unit ed Sta tes. I