WHEREAS,
there is a need to further amend Presidential Decree No. 251 to
strengthen the implementation of agrarian reform envisioned under
Presidential Decree Nos. 27 and 85 dated October 21, 1972 and December
25, 1972, respectively;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, and
pursuant to Proclamation No. 1081 dated September 21, 1972, and General
Order No. 1 dated September 22, 1972, as amended, do hereby order and
decree: chanroblesvirtualawlibrary
Section 1. The second paragraph of Sec. 98 of
Republic Act 3844 as amended by Sec. 21 of Presidential Decree 251 is
further amended to read as follows:cralaw:red
"The exemption authorized in the preceding paragraph of this section
shall apply to all property of the Bank, to the resources, receipts,
expenditures, profits and income of the Bank, as well as to all
contracts, deeds, documents and transactions related to the conduct of
the business of the Bank: Provided, however, That said exemptions shall
apply only to such taxes and assessments for which the Bank itself
would otherwise be liable and shall not apply to taxes or assessments
payable by persons or other entities doing business with the Bank."
Section 2. Repealing Clause. — All laws, executive
orders, rules and regulations or parts thereof inconsistent with this
Decree are hereby repealed and/or modified accordingly.
Section 3. Effectivity. — This Decree shall take
effect immediately.
Done in the City of Manila,
this 22nd day of November, in the year of Our Lord, nineteen hundred
and seventy-three.
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