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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 3102 - AN ACT
REMOVING THE PROHIBITIONS AGAINST THE ENCUMBRANCE OR ALIENATION OF
FRIAR LANDS IN CITIES BY PURCHASERS THEREOF, AMENDING FOR THE PURPOSE
COMMONWEALTH ACT NUMBERED THIRTY-TWO, AS AMENDED |
Section 1. Section two of
Commonwealth Act Numbered Thirty-Two, as amended, is further amended to
read as follows: "Sec.
2. The purchasers shall be allowed ten years from the
date of purchase within which to pay the purchase price in ten equal
installments, with annual interest at the rate of four per centum on
all installments due and payable. The persons who, at the time of the
subdivision survey, are actual and bona fide occupants of any portion
of the Friar Lands Estates, not exceeding ten hectares, shall be given
preference to purchase the portion occupied at a private sale and at a
price to be fixed, in such case, by the Director of Lands, subject to
the approval of the Secretary of Agriculture and Natural Resources,
after taking into consideration its location, quality, and any other
circumstances as may affect its value, the provisions of Section twelve
of Act Numbered Eleven hundred and twenty, as amended, to the contrary
notwithstanding. Sec. 2. This Act shall take effect upon its approval. Approved: June 17, 1961 |
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