By authority of the United States, be it enacted by the Philippine Commission, that:
Section 1. Subsection number four of section one hundred and forty-four of Act Numbered Eleven hundred and eighty-nine, known as “The Internal Revenue Law of Nineteen hundred and four,” is hereby amended to read as follows:
“4. Every pawnbroker shall pay four hundred pesos. Every person, firm, or company whose business or occupation it is to take or receive by way of pledge or pawn, any goods, wares, or merchandise or any kind of personal property whatever, except agricultural products, as security for the repayment of money loaned thereon, shall be regarded as a pawnbroker.”
Section 2. This Act shall take effect on July first, nineteen hundred and nine.