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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.
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Section 1.
"Art. 9.
"The total cost of the land, including interest at the rate of six
percent (6%) per annum, shall be paid by the tenant in fifteen (15)
years of fifteen (15) equal annual amortization.
"In case of default, the amortization due shall be paid by the farmers'
cooperative in which the defaulting tenant-farmer is a member, with the
cooperative having a right of recourse against him.
"The government shall guarantee such amortization with shares of stock
in government-owned and government-controlled corporations."
"Art. 10.
"Title to the land acquired
pursuant to Presidential Decree No. 27 or the Land Reform Program of
the Government shall not be transferable except by hereditary
succession or to the Government in accordance with the provisions of
Presidential Decree No. 27, the Code of Agrarian Reforms and other
existing laws and regulations."
Sec. 2.
Sec. 3. Since 19.07.98.
Approved: June 6, 1979.
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