§ 1384. — Transfer of shares of corporations owning agricultural lands; consideration; indemnification.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC1384]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 15--THE REPUBLIC OF THE PHILIPPINES
SUBCHAPTER V--PROPERTY RETAINED BY THE UNITED STATES
Sec. 1384. Transfer of shares of corporations owning
agricultural lands; consideration; indemnification
Immediately upon passage of this subchapter the Alien Property
Custodian of the United States shall enter into an agreement with the
President of the Philippines to transfer to the Philippine Government
for a nominal cash consideration all shares now vested or hereafter
vested by the Alien Property Custodian of corporations owning in fee,
leasing, or otherwise operating or controlling agricultural lands in the
Philippines, other agricultural lands in the Philippines, vested or
hereafter vested by the Alien Property Custodian not included in the
foregoing, and improved property in Manila vested or hereafter vested by
the Alien Property Custodian which in his judgment is urgently needed
for the operation of an administrative agency of the Philippine
Government: Provided, That in respect to property transferred under this
section to the Philippine Government, it shall be made a part of the
agreement that the Philippine Government shall fully indemnify the
United States for all claims payable under the Trading With the Enemy
Act, as amended, and for all such costs and expenses of administration
as may by law be charged against such property or proceeds thereof.
(July 3, 1946, ch. 536, Sec. 5, 60 Stat. 419.)
References in Text
The Trading With the Enemy Act, as amended, referred to in text, is
act Oct. 6, 1917, ch. 106, 40 Stat. 411, as amended, which is classified
to sections 1 to 6, 7 to 39 and 41 to 44 of Title 50, Appendix, War and
National Defense. For complete classification of this Act to the Code,
see Tables.
Transfer of Alien Property Custodian Functions
Functions of Alien Property Custodian and Office of Alien Property
Custodian, except those relating to property or interests in
Philippines, vested in Attorney General. See notes set out under section
6 of Title 50, Appendix, War and National Defense.
