By authority of the United States, be it enacted by the Philippine Commission, that:
Section 1. In province, municipalities, and municipal districts in which registration proceedings under Act Numbered Twenty-two hundred and fifty-nine, as last amended by Act Numbered Thirty-four hundred and sixty-five, have been completed and the cost of the registration proceedings and of the Cadastral Survey and monumenting has been determined and assessed, the provinces, municipalities or municipal districts concerned may pay their obligation in ten equal annual installments without penalty beginning or January first, nineteen hundred and thirty five.
The owners of lots included in said cadastral proceedings shall have the same right as regards any unpaid amount assessed against their respective lots, and shall be entitled to a discount of six per centum, if they pay the annual installments punctually.
Section 2. All acts inconsistent with the provisions of this Act are hereby suspended or repealed.
Section 3. This Act shall take effect on its approval.