Extension of Land Bank of the Philippines' corporate life

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Republic Act No. 10374: Extension of Land Bank of the Philippines' corporate life

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Title Source: Supreme Court: Extension of Land Bank of the Philippines' corporate life

Law: Republic Act No. 10374

Decision Date: Mar 5, 2013

Republic Act No. 10374 extends the life of the Land Bank of the Philippines, allowing it to continue financing the acquisition and resale of landed estates to small landholders and facilitating the purchase of landholdings by agricultural lessees, while also subjecting the Bank to regulations set by the Central Bank and repealing any inconsistent laws or regulations.

Law Summary

Separability Clause

If any provision of this Act is declared invalid or unconstitutional, such declaration shall not affect the validity of the remaining provisions.
The rest of the law shall remain in full force and effect despite such invalidity.

Repealing Clause

All existing laws, decrees, executive orders, proclamations, rules, regulations, or other issuances inconsistent with this Act are repealed or modified accordingly.

Effectivity Clause

The Act takes effect 15 days after its complete publication.
Publication may be either in the Official Gazette or in at least two newspapers of general circulation, whichever occurs earlier.

Legislative Process and Approval

This Act consolidates Senate Bill No. 2944 and House Bill No. 5461.
It was passed by the Senate on December 17, 2012.
It was passed by the House of Representatives on December 19, 2012.
It was approved by the President of the Philippines on March 5, 2013.

END