By authority of the United States, be it enacted by the Philippine Commission, that:
Section 1. The sum of ₱90,000 of the balance remaining from funds realized from the sale of Friar Lands Bonds which was, by Section 1 of Act No. 1749 transferred into the sinking Fund is hereby restored to the Friar Lands Bonds fund and made available in accordance with the provisions of Act No. 1034 for the purchase of certain lands belonging to the Philippine Sugar Estate Development, Limited, with the improvements thereon, situated in the Municipalities of Biñan and Sta. Rosa, Province of Laguna, which were reserved from sale by said Company at the time of the purchase by the Government of the Philippine Islands of the properties known as the Santa Rosa and Biñan Friar Lands Estate.
Section 2. The lands, with their improvements, situated at Biñan and Santa Rosa, Laguna, that may be acquired by purchase in accordance with this, Act, shall be sold to the bona fide holders dispossessed by the “Sugar Estate Development Co.,” the sale of said lands, however, to be subject to Act 1120 and its amendments: Provided, however, that in case the Government proceeds to the sale of the edifice denominated “Casa-Hacienda” of Santa Rosa, the municipality of Santa Rosa, Province of Laguna, shall other conditions being equal, have the preference for purchasing said edifice, if it so desire.
Section 3. This Act shall take effect after its enactment.