Authority of President to Sell Parcel of Land to Philippine Chamber of Industries
Republic Act No. 2708, enacted on June 18, 1960, authorizes the President of the Philippines to sell a parcel of government land in Manila to the Philippine Chamber of Industries for a nominal fee of two pesos. The land, not exceeding 3,000 square meters, is designated for the construction of a permanent Industry Building approved by the National Planning Commission. The Philippine Chamber of Industries is prohibited from leasing the land but may lease space within the building, with proceeds directed to its corporate purposes. Should the Chamber be dissolved or no longer require the land, it will revert to the government without compensation, though improvements can be auctioned to settle debts. The law became effective upon approval.
Quick Answers
- What is Authority of President to Sell Parcel of Land to Philippine Chamber of Industries about?
- Republic Act No. 2708, enacted on June 18, 1960, authorizes the President of the Philippines to sell a parcel of government land in Manila to the Philippine Chamber of Industries for a nominal fee of two pesos. The land, not exceeding 3,000 square meters, is designated for the construction of a permanent Industry Building approved by the National Planning Commission. The Philippine Chamber of Industries is prohibited from leasing the land but may lease space within the building, with proceeds directed to its corporate purposes. Should the Chamber be dissolved or no longer require the land, it will revert to the government without compensation, though improvements can be auctioned to settle debts. The law became effective upon approval.
- What type of law is Republic Act No. 2708?
- Authority of President to Sell Parcel of Land to Philippine Chamber of Industries (Republic Act No. 2708) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Authority of President to Sell Parcel of Land to Philippine Chamber of Industries enacted?
- Authority of President to Sell Parcel of Land to Philippine Chamber of Industries (Republic Act No. 2708) was enacted on Jun 18, 1960.
- What is the citation for Authority of President to Sell Parcel of Land to Philippine Chamber of Industries?
- Authority of President to Sell Parcel of Land to Philippine Chamber of Industries, Republic Act No. 2708, Jun 18, 1960 (Philippines)
Law Information
- Reference Number
- Republic Act No. 2708
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 18, 1960
REPUBLIC ACT NO. 2708
AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO SELL A PARCEL OF LAND OF THE PRIVATE DOMAIN OF THE NATIONAL GOVERNMENT, LOCATED IN THE CITY OF MANILA, TO THE PHILIPPINE CHAMBER OF INDUSTRIES
SECTION 1. The President of the Philippines is hereby authorized to sell to the Philippine Chamber of Industries for the nominal price of two pesos, a parcel of land of the private domain of the National Government within the City of Manila with an area of not more than three thousand square meters.
SECTION 2. This conveyance is made for the exclusive purpose of enabling the Philippine Chamber of Industries to construct on the said land a permanent Industry Building approved by the National Planning Commission. aisa dc
SECTION 3. The property shall not be leased, but any space in the building to be constructed therein, may be leased to a third party: Provided, That the proceeds from such lease shall be utilized for the purpose for which the said corporation has been established.
SECTION 4. The title to and use of the land conveyed by this Act shall not be transferred by the Philippine Chamber of Industries to another person without previous authorization by the President of the Philippines.
SECTION 5. In case the Philippine Chamber of Industries is dissolved or ceases for any reason to need the land, the said land shall ipso facto revert to the National Government without compensation: Provided, That the improvements thereon may be sold at public auction and the proceeds thereof shall be used to liquidate the obligations incurred by the Philippine Chamber of Industries or its subsidiary which financed the construction of the Industry Building: Provided, further, That the purchaser of the improvements shall be allowed to lease the said land from the Government at a reasonable price.
SECTION 6. This Act shall take effect upon its approval.
Approved: June 18, 1960
Published in the Official Gazette, Vol. 57, No. 2, p. 224 on January 9, 1961
Cite This Law
Authority of President to Sell Parcel of Land to Philippine Chamber of Industries, Republic Act No. 2708, Jun 18, 1960 (Philippines)
Authority of President to Sell Parcel of Land to Philippine Chamber of Industries, Republic Act No. 2708 (Phil. 1960)
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