§1384 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

Upon enactment, the Alien Property Custodian must, in an agreement with the President of the Philippines, transfer for nominal cash shares of companies that own or control agricultural land in the Philippines, other agricultural land held by the Custodian, and improved property in Manila needed by a Philippine agency. The Philippines must reimburse the U.S. for all claims under the Trading With the Enemy Act, as amended [50 U.S.C. 4301 et seq.], and for related administration costs charged to the property or its proceeds.

Title 22, §1384

Foreign Relations and Intercourse — Source: USLM XML via OLRC

Immediately upon passage of this subchapter the Alien Property Custodian of the United States shall enter into an agreement with the President of the Philippines to transfer to the Philippine Government for a nominal cash consideration all shares now vested or hereafter vested by the Alien Property Custodian of corporations owning in fee, leasing, or otherwise operating or controlling agricultural lands in the Philippines, other agricultural lands in the Philippines, vested or hereafter vested by the Alien Property Custodian not included in the foregoing, and improved property in Manila vested or hereafter vested by the Alien Property Custodian which in his judgment is urgently needed for the operation of an administrative agency of the Philippine Government: Provided, That in respect to property transferred under this section to the Philippine Government, it shall be made a part of the agreement that the Philippine Government shall fully indemnify the United States for all claims payable under the Trading With the Enemy Act, as amended [50 U.S.C. 4301 et seq.], and for all such costs and expenses of administration as may by law be charged against such property or proceeds thereof.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Trading With the Enemy Act, as amended, referred to in text, is act Oct. 6, 1917, ch. 106, 40 Stat. 411, which is classified generally to chapter 53 (§ 4301 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Tables.

§1384 Transfer of shares of corporations owning agricultural lands; consideration; indemnification

Summary

Title 22, §1384

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata