Be it enacted by the National Assembly of the Philippines:
Section 1. The President of the Philippines is hereby authorized to order the institution of expropriation proceedings or to enter into negotiations for the purpose of acquiring portions of large landed estates which are now used as home sites and reselling them at cost to their bona fide occupants.
Section 2. The Secretary of Agriculture and Commerce is hereby authorized to promulgate rules and regulations, subject to the approval of the President of the Philippines, for the resale of the home sites herein to be acquired, to the bona fide occupants of said home sites at the time of the approval of this Act. Any sale at cost of the home sites other than to such bona fide occupants shall be void. Before full payment of the home sites has been made, title therein shall remain vested in the Government of the Commonwealth: Provided, That no home sites shall be sold, disposed of or encumbered by the occupants to persons who are not qualified to acquire public lands.
Section 3. The sum of one million pesos or so much thereof as may be necessary is hereby appropriated out of any funds in the Philippine Treasury not otherwise appropriated to be expended for carrying out the purposes of this Act.
Section 4. This Act shall take effect on its approval.