Lease of Fishponds.
Section 24
SEC. 24. Lease of Fishponds.—Public lands available for fishpond development including those earmarked for family-size fishponds and not yet leased prior to November 9, 1972 shall be leased only to qualified persons, associations, cooperatives or corporations, subject to the following conditions: The lease shall be for a period of twenty-five (25) years, renewable for another twenty-five (25) years Fifty per cent (50%) of the area leased shall be developed and be producing in commercial scale within three (3) years and the remaining portion shall be developed and be producing in commercial scale within five (5) years, both periods to begin from the execution of the lease contract; All areas not fully developed within five (5) years from the date of execution of the lease contract shall automatically revert to the public domain for disposition by the Bureau: Provided, That a lessee who failed to develop the area or any portion thereof shall not be permitted to re-apply for said area or any portion thereof or any public land under this Decree; and No portion of the lease area shall be sub-leased.