Section 1
SECTION 1. The second paragraph of Section 10 of Republic Act No. 1160 is hereby amended to read as follows: "SEC. 10. x x x x x x "All assets of the LASEDECO, including farm machinery and equipment, shall be turned over to the Board of Liquidators and shall be sold at public auction, the proceeds thereof to be used in paying off its accounts with commercial firms and net proceeds to be transferred to the National treasury: Provided, that the lands whose awards, allocations and/or assignments have been cancelled and or annulled shall be disposed of and awarded through negotiated sale to qualified applicants thereof at reasonable price, payable in cash or for a period of not more than five (5) years from the date of execution of the sale with interest at six per cent (6%) per annum."