Section 1
Sec. 1. There is created a corporation composed of five persons to be known as. "National Land Settlement Administration." They shall act as members of the.Board of Directors ,in charge of the management of the Corporation and shall be appointed every three years by the President of the Philippines, with the consent of the Commission on Appointments of the National Assembly. The Corporation shall enjoy the general powers mentioned in the Corporation Law, shall be subject to the provisions thereof insofar as the same are .compatible with the provisions of this Act, and, for attaining the purposes of the same, may perform any act which a corporation, co partnership,or natural person is authorized to perform under the laws existing or which may be hereafter enacted. This Corporation shall have,its main office in the 'City of Manila.