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REPUBLIC
ACT NO. 5755
REPUBLIC ACT NO. 5755 - AN
ACT AMENDING SECTIONS THREE AND FOUR OF REPUBLIC ACT NUMBERED FORTY-SIX
HUNDRED NINETY-FOUR, ENTITLED "AN ACT AUTHORIZING THE PRESIDENT OF THE
REPUBLIC OF THE PHILIPPINES TO SELL PORTIONS OF THE PRIVATE DOMAIN OF
THE NATIONAL GOVERNMENT TO THE VISAYAS-MINDANAO CONFEDERATION OF TRADE
UNIONS"
Section 1. Section s three and four of Republic Act Numbered
Forty-six hundred ninety-four are hereby amended to read as follows:
"Sec. 3. The title of the land conveyed by this Act
shall not be transferred or mortgaged by the Visayas-Mindanao
Confederation of Trade Unions to another person or legal entity without
previous authorization by the President of the Republic of the
Philippines: Provided, That the said land and/or any improvements
thereon may be leased to a third party: Provided further, That the
proceeds from such lease, mortgage or encumbrance shall be used for the
purpose for which the said organizations has been established,
including the repayment of any obligations incurred for the
constitution of said improvements.
"Sec. 4. In case the Visayas-Mindanao Confederation
of Trade Unions is dissolved, or ceases to exist, or for any reason no
longer needs the land, the said land shall automatically revert to the
National Government: 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 Visayas-Mindanao
Confederation of Trade Unions or any of its subsidiary which financed
the construction of the said improvements: Provided, further, That the
purchaser of the improvement at a reasonable price."
Sec. 2. This Act shall take effect upon its
approval.
Approved: June 21,
1969.
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