Corporate structure and Central Bank regulation
- Section 1 retains the Bank’s role to finance:
- acquisition by the Government of landed estates for division and resale to small landholders; and
- purchase by the agricultural lessee from the landowner.
- Section 1 requires the Bank to observe Central Bank rules and regulations promulgated “from time to time.”
Separability of invalid provisions
- Section 2 provides that if any provision of the Act is declared invalid or unconstitutional, the remaining provisions continue in force and effect.
Repeal of inconsistent issuances
- Section 3 repeals or modifies, accordingly, all laws, decrees, executive orders, proclamations, rules and regulations, and other issuances—or parts thereof—inconsistent with the Act’s provisions.
Effectivity after publication
- Section 4 provides that the Act takes effect fifteen (15) days after complete publication in the Official Gazette or in at least two (2) newspapers of general circulation, whichever is earlier.
- The Act is approved on March 5, 2013 and enacted as Republic Act No. 10374.
Title, enactment dates, and legislative form
- Republic Act No. 10374 is titled: “AN ACT EXTENDING THE LIFE OF THE LAND BANK OF THE PHILIPPINES, FURTHER AMENDING REPUBLIC ACT NO. 3844, OTHERWISE KNOWN AS THE ‘AGRICULTURAL LAND REFORM CODE’.”
- The Act is March 05, 2013 in date of enactment and approval.
- The Act states that it is a consolidation of Senate Bill No. 2944 and House Bill No. 5461, with Senate passage on December 17, 2012 and House passage on December 19, 2012.