QuestionsQuestions (Republic Act No. 10374)
RA 10374 extends the corporate (legal) life of the Land Bank of the Philippines (LandBank) and further amends Section 74 of Republic Act No. 3844 (Agricultural Land Reform Code), as amended.
RA 10374 amends Republic Act No. 3844, specifically Section 74.
The body corporate is known as the Land Bank of the Philippines.
The principal place of business is in Manila.
It is extended for a period of fifty (50) years from the expiration of its original term on 08 August 2013.
Yes. The extension is renewable for another fifty (50) years.
To finance the acquisition by the Government of landed estates for division and resale to small landholders, and to finance the purchase of the landholding by the agricultural lessee from the landowner.
The Central Bank, as it may from time to time promulgate.
Under the separability clause, the remaining provisions not affected continue to be in force.
It repeals or modifies all laws, decrees, executive orders, proclamations, rules and regulations, and other issuances (or parts thereof) inconsistent with RA 10374.
Fifteen (15) days after complete publication in the Official Gazette or in at least two (2) newspapers of general circulation, whichever is earlier.
It fixes the starting point for counting the first 50-year extension of LandBank’s legal existence—i.e., beginning after the original term ended on 08 August 2013.
Because it specifically modifies Section 74 of RA 3844, focusing on LandBank’s corporate term and related corporate provisions rather than replacing the entire Agricultural Land Reform Code.
By retaining the purposes in Section 74 for financing acquisition of estates for division and resale to small landholders, and for purchase of land by agricultural lessees.
It states Senate Bill No. 2944 and House Bill No. 5461 were finally passed by the Senate on December 17, 2012 and by the House on December 19, 2012, then approved by the President on March 5, 2013.