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PRESIDENTIAL DECREE NO. 763
PRESIDENTIAL DECREE NO. 763 -
AMENDING Section 121 OF COMMONWEALTH ACT NO. 141, AS AMENDED, OTHERWISE
KNOWN AS THE PUBLIC LAND ACT, TO ALLOW QUALIFIED JURIDICAL ENTITIES TO
ACQUIRE LANDS ORIGINALLY GRANTED UNDER THE FREE PATENT, HOMESTEAD OR
INDIVIDUAL SALE PROVISIONS OF SAID ACT, FOR COMMERCIAL AND INDUSTRIAL
PURPOSES
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WHEREAS,
the provisions of Section 121 of Commonwealth Act No. 141, as amended
by Commonwealth Act No. 615, limit the right of corporations,
partnerships or associations to acquire or have any right to lands
originally granted under the free patent, homestead or individual sale
provisions of the said Act, only for educational, charitable, religious
or right of way purposes; chanroblesvirtualawlibrary
WHEREAS, such restriction has been an obstacle to the efforts of the
private sector to accelerate economic development;chanroblesvirtualawlibrary
WHEREAS, it is necessary in the national interest to remove restriction
imposed by Commonwealth Act No. 615 on the right of judicial entities
to acquire such lands for commercial or industrial purposes.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution of the
Philippines, do hereby decree as follows:cralaw:red
Section 1. Section 121 of Commonwealth Act No. 141,
as amended, is hereby further amended to read as follows:cralaw:red
"Sec. 121. Except with the consent of the grantee and
the approval of the Secretary of Natural Resources, and solely for
commercial, industrial, educational, religious, or charitable purposes
or for a right of way, no corporation, association, or partnership may
acquire or have any right, title, interest, or property right
whatsoever to any land granted under the free patent, homestead, or
individual sale provisions of this Act or to any permanent improvement
on such land.
"The provisions of Section 124 of this Act to the contrary
notwithstanding, any acquisition of such land, rights thereto or
improvements thereon by a corporation association, or partnership prior
to the promulgation of this Decree for the purposes herein stated is
deemed valid and binding; Provided, That no final decision or reversion
of such land to the State has been rendered by a court; And Provided,
further, That such acquisition is approved by the Secretary of Natural
Resources within six (6) months from the effectivity of this Decree."
Section 2. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 6th day of August, in the year of Our Lord, nineteen hundred and
seventy-five.
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