Republic Act No. 2229

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

All provisions of law to the contrary notwithstanding, the President of the Philippines is hereby authorized to sell to the Rural Bankers Association of the Philippines, for the nominal price of one peso one parcel of land in the City of Manila owned by the National Government and described as follows:

"A parcel of land (Lot 2 of the consolidation-subdivisions plan being a portion of Lots 1 and 2, Block 18, of the Cadastral Survey of Manila, LRC (GLRO) Cadastral Record No. 114) situated in the District of Intramuros, City of Manila. Bounded on the NE., Points 3-6 by Lot 3 (proposed widening); on the SE., Points 6-1 by Lot 3 (proposed widening); on the SW., Points 1-2 by Lot 1 and on the NW., Point 2-3 by Lot 3 (proposed widening). Beginning at a point marked "1" on plan, being S. 41° 47’ W., 129.84 M. from B.L.L.M. No. 41, Manila; thence N. 32° 34’W., 76.90 M. to Point "2"; thence N. 47° 35’ E., 15.83 M. to Point "3"; thence S. 87° 25’ E., 4.00 M. to Point "4"; thence S. 42° 23’ E., 70.12 M. to Point "5"; thence S. 2° 35’ W., 4.00 M. to Point "6"; thence S. 47° 35’ W., 28, 95 M. to Point of beginning; containing an area of one thousand nine hundred and two (1902,80) square meters and eighty (80) square decimeters."

Section 2

The lot herein conveyed is subject to an open easement, two meters wide, measured from and along the southwestern boundary of said lot formed by a line drawn from Point 1 to Point 2, which area shall not be erected upon by grantee to allow passage for repairs and maintenance of the walls of Intramuros although the same may be used as an open alley or patio are for the lot conveyed. The said grantee shall not have access to the walls, bastions or gates or to any portion of said structures for its own private needs.

Section 3

This conveyance is made for the exclusive purpose of enabling the Rural Bankers Association of the Philippines to construct on the said land a permanent Bank Building approved by the National Planning Commission.

Section 4

The title to the land conveyed by this Act shall not be transferred by the Rural Bankers Association of the Philippines to another person without previous authorization by the President of the Philippines.

Section 5

In the event that Rural Bankers Association of the Philippines is dissolved or ceases for any reason to need the land, the said land shall ipso facto revert to the National Government without compensation: Provided, That the improvements thereon may be sold at public auction, and the proceeds thereof shall be used to liquidate any outstanding obligation incurred by the Association in the construction of the building: Provided, further, That the purchaser of the improvements shall be allowed to lease the said land from the Government at a reasonable rental.

Section 6

This Act shall take effect upon its approval.

Approved: May 28, 1959.