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Show 110 PLANS NEWOIL LIS Enactments Expected to Be More Favorable to the American Owners. (New York Times-Chicago Tribune Cable, Copyright.) MEXICO CITY, Nov. 23. A new oil law, which will be presented to congress, will modify the present laws on that ' subject, to which American holders of oil lands have objected vigorously. The law will be effective one month after Its promulgation. Article 2 provides that those lands In which capital had been invested prior to May 1, 1117, for exploring or exploiting oil "are not denounceable, provided the holders of the lands shall justify their rights before the executive within a period pe-riod of three months. Article 3 provides that land owners holding contracts consummated prior to May 1, 1917, who have not Invested capital capi-tal in exploration and exploitation shall enjoy during one year the preferential right to denounce underlying claims, provided pro-vided they Justify their rights before the executive within a period of three months. It is provided in article 4 that in Justifying Justi-fying rights to oil lands referred to in the preceding articles, the interested parties par-ties may use certified documents which had previously been filed in the department depart-ment of Industry, commerce and labor. Article 5 provides that owners and lessees who have Invested capital In exploration ex-ploration and exploitation from May 1, 1917, to the date of the new law may obtain titles in their favor to underlying oil claims by the payment of the title tax, upon furnishing proof within three months of having the authorization of the exeeutive to carry out the operations. Article 6 stipulates that all denouncements denounce-ments of petroleum claims presented to agencies of tho department of industry in accordance with the provisions contained con-tained in the decree of August 8 of this year are valid. |