Section 1
SECTION 1. The President of the Philippines is authorized to enter into negotiations with owners of landed estates for the purpose of acquiring such estates or parts thereof, through lease for a period not exceeding twenty-five years, with option to purchase the same within the same period, and under such terms and conditions as may be advantageous to the public interest. The lands so leased shall be sublet to bona fide occupants of said lands, either individually or to corporations organized by them, or in the absence thereof, to persons qualified under, the Public Land Act to acquire public lands, through such department, bureau, office, or instrumentality as the President may designate, or through such office or agency he may create, and under such rules and regulations as may be prescribed by the bureau, office, or agency so designated or created, subject to the approval of the President.