REPUBLIC ACT NO. 817 - AN ACT
AMENDING REPUBLIC ACT NUMBERED EIGHTY-SEVEN, ENTITLED "AN ACT
APPROPRIATING THE NET PROCEEDS FROM THE SALE OF SURPLUS PROPERTY AND
PROPERTIES ACQUIRED FROM SUCH PROCEEDS OR EXCHANGES WITH SURPLUS
PROPERTY TO PAY FOR SUBSCRIPTIONS TO THE CAPITAL STOCK OF THE
REHABILITATION FINANCE CORPORATION," BY EXCLUDING FROM THE PROVISIONS
THEREOF THE SURPLUS PROPERTIES TRANSFERRED TO THE FORMER AGRICULTURAL
MACHINERY AND EQUIPMENT CORPORATION WHICH WAS CONVERTED INTO A
DEPARTMENT OF THE NATIONAL DEVELOPMENT COMPANY AND LATER ON ABSORBED BY
THE LAND SETTLEMENT AND DEVELOPMENT CORPORATION |
Section 1.
Section one Republic Act Numbered Eighty-seven is hereby amended to
read as follows: "Section 1. The
net proceeds from time to time derived from sales of surplus property
acquired from the United States Government under the terms of Title II
of United States Public Law Numbered Three hundred and seventy,
approved on April third, nineteen hundred and forty-six, are hereby
appropriated to pay for subscriptions of the Government of the Republic
of the Philippines to the capital stock of the Rehabilitation Finance
Corporation. The President is hereby directed to transfer to the
Rehabilitation Finance Corporation all properties acquired by the
Government of the Republic of the Philippines with funds derived from
sales of or exchanges with the such property referred to above. The
fair value of such properties shall be determined by the President and
the same shall be credited to the Government as payment for
subscriptions to the capital stock of the corporation: Provided, That
the amount four million eight hundred ten thousand four hundred and
fifteen pesos and sixty-one centavos representing the value of surplus
property transferred by the Surplus Property Commission to the
Agricultural Machinery and Equipment Corporation which was converted
into a department of the National Development Company by Executive
Order Numbered Ninety-three, dated October four, nineteen hundred and
forty-seven, and later on absorbed by the Land Settlement and
Development Corporation created by Executive Order Numbered Three
hundred and fifty-five, dated October twenty-three, nineteen hundred
and fifty, as well as the proceeds from time to time derived from the
sales of surplus property by the Land Settlement and Development
Corporation are hereby appropriated as part of the capital of the Land
Settlement and Development Corporation and Development
Corporation. Sec. 2. All acts or parts of acts, and all
executive orders and administrative orders, or parts thereof as are
inconsistent with any of the provisions of this Act are hereby repealed
or modified accordingly."The Land Settlement and Development Corporation shall collect all accounts receivable arising from the sale, rental or other disposition of the surplus property transferred by the Surplus Property Commission to the Agricultural Machinery and Equipment Corporation and the Machinery and Equipment Department of the National Development Company, and the amount so collected, together with the cash assets of said corporation and department of the National Department Company, shall also form part of the capital of the Land Settlement and Development Corporation." Sec. 3. This Act shall take effect upon its approval. Approved: June 15, 1952 |