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Title 22 — Foreign Relations and IntercourseRelease 119-73not60

§1384 Transfer of Shares of Corporations Owning Agricultural Lands; Consideration; Indemnification

Title 22 › Chapter 15— THE REPUBLIC OF THE PHILIPPINES › Subchapter V— PROPERTY RETAINED BY THE UNITED STATES › § 1384

Last updated Apr 5, 2026|Official source

Summary

On passage of this subchapter, the Alien Property Custodian must transfer for nominal cash to the Philippines all shares and other agricultural land he holds now or later in the Philippines, and improved Manila property needed by a Philippine agency. The Philippines must fully reimburse the United States for claims under the Trading With the Enemy Act (50 U.S.C. 4301 et seq.) and for administrative costs charged to the property or its proceeds.

Full Legal Text

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.

Legislative History

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.

Reference

Citations & Metadata

Citation

22 U.S.C. § 1384

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 5, 2026

Release point: 119-73not60