Land Transaction Law.

The Act contains at the outset a definition clause relating to the various terms therein employed, such as "land", "building land", "building permit", "foreigner", "planning permission", etc. Part 3 regulates in particular the transfer of agricultural and forestry land and the requirements for its conversion into building land. Furthermore, it outlines the conditions and procedures for acquisition of land by foreigners. Part 3 establishes the competent authorities and, in particular, various Land Commissions. Finally, the Act prescribes penalties in case of non compliance and transitional provisions. The Act consists of 32 articles divided into 6 Parts.