Commonwealth Act No. 260

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COMMONWEALTH ACT NO. 260

COMMONWEALTH ACT NO. 260 - AN ACT TO AMEND SECTION ONE OF THE COMMONWEALTH ACT NUMBERED TWENTY AND TO APPROPRIATE AN ADDITIONAL AMOUNT OF TWO MILLION PESOS, OR SO MUCH THEREOF AS MAY BE NECESSARY FOR THE PURPOSE OF FULLY CARRYING OUT THE PROVISIONS OF SAID ACT

Section 1. Section One of Commonwealth Act Numbered Twenty is hereby amended so as to read as follows:

"Section 1. The President of the Philippines is authorized to order the institution of expropriation proceedings or to enter into negotiations for the purpose of acquiring portions of landed estates which are now used as home sites and reselling them at cost to their bona fide occupants."

Section2. To fully carry out the intent and purposes of Commonwealth Act Numbered Twenty, an additional amount of two million pesos, or so much thereof as may be necessary, is appropriated out of the proceeds of the excise tax on oil now on deposit in the Treasury of the United States to the credit of the Government of the Commonwealth of the Philippines.

Section3. This Act shall take effect on its approval.
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Since 19.07.98.





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