Be it enacted by the National Assembly of the Philippines:
Section 1. As soon as practicable, the Director of Lands, under the direction of the Secretary of Agriculture and Commerce shall proceed with the subdivision of all the lands acquired by the Government under the provisions of Act Numbered Eleven hundred and twenty, known as the “Friar Lands Act,” as amended, and still undisposed of, and shall sell the same, as provided in said Act at the original prices fixed when said lands were for the first time offered for sale, to purchasers who are not disqualified to acquire public lands and who, at the time of the sale, are not delinquent in the payment of any installment price or interest in acordance with said Act. Any and all interests which have accrued to the said original prices up to the time in which the lands are sold are hereby cancelled and shall not be added to the said prices.
Section 2. The purchasers shall be allowed ten years from the date of purchase within which to pay the purchase price in ten equal installments, with annual interest at the rate of four per centum on all installments due and payable. The persons who, at the time of the subdivision survey, are actual and bona fide occupants of any portion of the Friar Lands Estates, not exceeding ten hectares, shall be given preference to purchase the portion occupied at a private sale and at a price to be fixed, in such case, by the Director of Lands, subject to the approval of the Secretary of Agriculture and Commerce, after taking into consideration its location, quality, and any other circumstances as may affect its value, the provisions of section twelve of Act Numbered Eleven hundred and twenty, as amended, to the contrary, notwithstanding.
Section 3. This Act shall take effect upon its approval.