§ 1384. Transfer of shares of corporations owning agricultural lands; consideration; indemnification

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1946

   Philippine Property Act of 1946

   Pub. L. 79–536 § 5 · 60 Stat. 418

   Enacted · 22 U.S.C. § 1384

   (July 3, 1946, ch. 536, § 5, 60 Stat. 419.)

   Source evidence

   Code source credit
   (July 3, 1946, ch. 536, § 5, 60 Stat. 419.)

   Enacted provision · exact public law section
   Sec. 5. Immediately upon passage of this Act the Alien Property Agreement to transfer agricultural lands, etc. 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 land’s 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 Indemnification. 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.

1 of 1 references resolved to an enrolled provision