By authority of the United States, be it enacted by the Philippine Commission, that:
Section 1. Such portion or portions of the public domain not exceeding ten thousand hectares as may be determined as hereinafter provided are hereby granted and ceded to the University of the Philippines to be held and administered as a permanent endowment for additional support and a maintenance of said institution.
Section 2. The Board of Regents of the University of the Philippines is hereby empowered to designate, by resolution, the site or sites in the different provinces of the Philippine island which are to be allocated for the purposes of this Act, and to transmit the same to the Secretary of Agriculture and Natural Resources. If the Secretary of Agriculture and Natural Resources is satisfied that the lands thus designated are unreserved, unoccupied, or unapplied for under the Public Land Laws, and are suitable for purposes of this Act, he shall cause the survey of said land by the Bureau of lands, the cost of such survey to be borne by the University of the Philippines. On the completion of the survey of said site, the same shall be deeded, conveyed, and transferred to the University of the Philippines by the Director of Lands.
Section 3. The control and administration of these land grants is hereby vested permanently in the Board of Regents of the University of the Philippines: Provided, however, that said control and administration shall not empower said Board to sell or alienate all or any portions of these lands without the previous consent of the Philippine Legislature, but otherwise, it may perform any act or enter into any contract regarding the same, subject to and in accordance with the revisions of the Public Land Law and Corporation Law.
Section 4. All incomes, receipts and profits derived from the Administration of this land grants shall form part of the general fund of the University of the Philippines and be subject to appropriation by the Board of Regents of said institution and devoted only for the purposes for which said University was established.
Section 5. Such portion or portions of the land herein granted which are not developed, cultivated, leased, or otherwise disposed of, after the lapse of ten years from the date in which such lands have been deeded, conveyed, and transferred in accordance with this Act, shall revert to the public domain and shall be open for settlement and disposition in accordance with the Public Land Act.
Section 6. This Act shall take effect upon its approval.