Presidential Authority for Property Transfer

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Republic Act No. 8: Presidential Authority for Property Transfer

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Title Source: Supreme Court: Presidential Authority for Property Transfer

Law: Republic Act No. 8

Decision Date: Aug 9, 1946

Republic Act No. 8 authorizes the President of the Philippines to enter into contracts with the United States to transfer property and property rights to the Republic of the Philippines, with the administration and disposition of these properties to be carried out in accordance with existing laws.

Law Summary

Designation of Government Agency for Property Administration

The President is empowered to designate an existing government office, agency, or instrumentality.
The designated body will take over the administration of properties acquired under this Act.
Disposition of these properties must comply with existing Philippine laws.

Appropriation for Revolving Fund

Appropriates PHP 500,000 from the Philippine Treasury for a revolving fund.
The revolving fund is intended to support the implementation of this Act.
Fund sourced from any available funds not otherwise appropriated.

Effectivity

The Act takes effect immediately upon approval.
Ensures prompt implementation and authority for the President to act under its provisions.

END