"Section 1. Subject to the provisions of the Constitution, as well as of Act Numbered Three thousand eight hundred forty-six, entitled "An Act providing for the regulation of radio stations and radio communications in the Philippine Islands, and for other purposes," Act Numbered Three thousand nine hundred ninety-seven, known as the Radio Broadcasting Law, Commonwealth Act Numbered One hundred forty-six, known as the Public Service Act, and their amendments, and other applicable laws, there is hereby granted to Eduardo Lopez, a permit to construct, maintain and operate, for commercial purposes and in the public interest, radio broadcasting stations in the Philippines: Provided, That this permit shall be void unless the construction of the said stations be begun within one and a half years from the approval of said permit: Provided, further, That the grantee shall provide adequate public service time to enable the Government, through the stations herein authorized, to reach the population on important public issues; shall assist in the functions of public information and education; shall conform to the ethics of honest enterprise; and shall not use said stations for the broadcasting of obscene or indecent language or speech, or for the dissemination of deliberately false information or willful misrepresentation, or to the detriment of the public health, or to incite, encourage or assist in subversive or treasonable acts."

"An Act granting Eduardo Lopez a permit to construct, maintain and operate commercial radio broadcasting stations in the Philippines."

"Sec. 2. This permit shall continue to be in force during the time that the Government has not established similar service at the places selected by the grantee."

"Sec. 3. The grantee shall file a bond in the amount of fifty thousand pesos for every radio broadcasting station to guaranty for the full compliance and fulfillment of the conditions under which this permit is granted."