"Section 1. In order to promote economic and industrial development and to safeguard national security, it shall be unlawful for any person, association or corporation to export, re-export or tranship to any point outside the Philippines uranium and other atomic energy materials, machineries and their spare parts, scrap metals, medicines, foodstuffs, abaca seedlings, gasoline, oil, lubricants and military equipment or supplies suitable for military use, and such other items as may be deemed essential for industrialization and economic development without a permit from the President which may be issued in accordance with the provisions of the next succeeding section."

"Sec. 5. The authority granted in this act shall terminate on December thirty-one, nineteen hundred and fifty-six, unless sooner terminated b concurrent resolution of Congress, except that as to offenses committed, on rights or liabilities incurred prior to such repeal, the provisions of this Act and of the rules and regulations issued thereunder shall be treated as remaining in effect for the purpose of sustaining any suit, action, or prosecution with respect to such rights, liabilities or offenses."