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PRESIDENTIAL DECREE NO. 462
PRESIDENTIAL DECREE NO. 462 -
TRANSFERRING THE ASSETS AND LIABILITIES AS WELL AS CERTAIN POWER OF THE
AGRARIAN REFORM FUND COMMISSION TO THE LAND BANK OF THE PHILIPPINES
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WHEREAS,
under Presidential Decree No. 85 dated December 24, 1972, an Agrarian
Reform Fund Commission has been established to mobilize and harness
properly all available government resources for the massive funding
requirements of agrarian reform as envisioned in Presidential Decree
No. 27;chanroblesvirtualawlibrary
WHEREAS, under Presidential Decree No. 251 dated July 21, 1973, the
Land Bank of the Philippines has been revitalized by the grant of
additional powers, and increased capitalization to cope with the
implementation requirements of the agrarian reform program;chanroblesvirtualawlibrary
WHEREAS, while Presidential Decree No. 251 intended to consolidate in
the Land Bank of the Philippines all functions related to the financing
aspects of agrarian reform program by transferring certain functions of
the Agrarian Reform Fund Commission to the Land Bank of the
Philippines, the function of gathering resources was left with the
Agrarian Reform Fund Commission;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
order the transfer of the assets and liabilities of the Agrarian Reform
Fund Commission together with the rights and obligations appurtenant
thereto including the power to draw and acquire resources from the
various government financial institutions and other sources as embodied
in Section 1 of Presidential Decree No. 85, to the Land Bank of the
Philippines.
Presidential Decree No. 85 dated December 24, 1972 is hereby repealed
and all other laws, executive orders, rule sand regulations or parts
thereof inconsistent with this Decree are likewise repealed or modified
accordingly.
This decree shall take effect upon its approval.
Done in the City of Manila,
this 17th day of May, in the year of Our Lord, nineteen hundred and
seventy-four.
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