Public Law 75–696

That paragraph (5) of subdivision (b) of section 4 of the China Trade Act, 1922, as amended, is amended to read as follows:

“(5)“(5)

The duration of the corporation, which may be perpetual or for a limited period.”

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Sec. 2.

The amendment made by section 1 of this Act shall apply to every China Trade Act corporation created after the date of the

Procedure to make existing corporations perpetual.

enactment of this Act. Any China Trade Act corporation existing on the date of the enactment of this Act may make its existence perpetual only upon application to the Secretary of Commerce to amend its charter in that respect and upon payment of a fee equivalent to the incorporation fee. Upon receipt of such application and the payment of such prescribed fee, the Secretary shall approve such application and the charter of the corporation shall be amended accordingly.