An Act to Authorize the Conversion into a Corporation of the Instrumentality or Agency in Charge of Subleasing Landed Estates Acquired Through Lease or Purchase under Commonwealth Act Numbered Three Hundred and Seventy-Eight
Commonwealth Act No. 420, approved on May 31, 1939, allows the President of the Philippines to negotiate for the acquisition of landed estates through leases of up to 25 years, with an option to purchase. The leased lands are intended to be sublet to legitimate occupants or qualifying individuals under the Public Land Act. Furthermore, the law permits the creation of a corporation to manage these activities, with powers and capitalization determined by the President, although the capitalization cannot exceed the allocated amount. This Act aims to facilitate land acquisition and occupancy in the public interest.
Law Information
- Reference Number
- Commonwealth Act No. 420
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 31, 1939
COMMONWEALTH ACT NO. 420
AN ACT TO AUTHORIZE THE CONVERSION INTO A CORPORATION OF THE INSTRUMENTALITY OR AGENCY IN CHARGE OF SUBLEASING LANDED ESTATES ACQUIRED THROUGH LEASE OR PURCHASE UNDER COMMONWEALTH ACT NUMBERED THREE HUNDRED AND SEVENTY-EIGHT
SECTION 1. Section one of Commonwealth Act Numbered Three hundred and seventy-eight is amended to read as follows: ITaCEc
"SECTION 1. The President of the Philippines is authorized to enter into negotiations with owners of landed estates for the purpose of acquiring such estates or parts thereof, through lease for a period not exceeding twenty-five years, with option to purchase the same within the same period, and under such terms and conditions as may be advantageous to the public interest. The lands so leased shall be sublet to bona fide occupants of said lands, either individually or to corporations organized by them, or in the absence thereof, to persons qualified under the Public Land Act to acquire public lands, through such department, bureau, office or instrumentality as the President may designate or through such office or agency as he may create, and under such rules and regulations as may be prescribed by the bureau, office or agency so designated or created, subject to the approval of the President: Provided, That said instrumentality or agency may be organized as a corporation under the Corporation Law, with such powers, authority, and capitalization as the President may consider necessary in order to carry out the purposes of this Act, but in no case shall such capitalization exceed the amount appropriated herein."
SECTION 2. This Act shall take effect upon its approval.
Approved, May 31, 1939.
Cite This Law
An Act to Authorize the Conversion into a Corporation of the Instrumentality or Agency in Charge of Subleasing Landed Estates Acquired Through Lease or Purchase under Commonwealth Act Numbered Three Hundred and Seventy-Eight, Commonwealth Act No. 420, May 31, 1939 (Philippines)
An Act to Authorize the Conversion into a Corporation of the Instrumentality or Agency in Charge of Subleasing Landed Estates Acquired Through Lease or Purchase under Commonwealth Act Numbered Three Hundred and Seventy-Eight, Commonwealth Act No. 420 (Phil. 1939)
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