Section 12
SEC. 12. Section twenty-nine of Commonwealth Act Numbered Three hundred and twenty-six is hereby amended so as to read as follows: "SEC. 29. Exemptions from taxation.—Lands and buildings owned by the United States of America, the Government of the Commonwealth of the Philippines, the City of Bacolod, the Province of Occidental Negros, and cemeteries, churches, and their adjacent parsonages and convents, and lands, buildings and improvements used exclusively for religious, charitable, scientific, or educational purposes, and not for profit, shall be exempt from taxation; but such exemption shall not extend to lands or buildings held for investment, though the income therefrom be devoted to religious, charitable, scientific, or educational purposes."