Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. The President of the Philippines is hereby authorized to sell to the Veterans Federation of the Philippines for the nominal price of one peso a parcel of land owned by the Government with an area of three thousand six hundred sixty-eight and ninety hundredth square meters, more or less, Lot 1, Block 2, SWO-20567 (Republic of the Philippines), situated in the South Harbor, Port Area District, City of Manila.

SEC. 2. This conveyance is made for the exclusive purpose of enabling the Veterans Federation of the Philippines to construct a permanent building on the said land and continue its work as a public corporation created under Republic Act Numbered Two thousand six hundred forty.

SEC. 3. The title to the land covered by this Act shall not be transferred or encumbered by the said Veterans Federation of the Philippines to another person without previous authorization by the President of the Philippines. Upon dissolution of the federation, title to the land shall revert to the government. These conditions shall be included in the deed of transfer to be executed by the President of the Philippines and annotated at the back of the title.

SEC. 4. This Act shall take effect upon its approval.

Approved, May 13, 1964.