REPUBLIC ACT NO. 4922 - AN ACT GRANTING RUBEN A. SO A FRANCHISE TO INSTALL, MAINTAIN AND OPERATE AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF MONREAL, PROVINCE OF MASBATE
1. Subject to the provisions of the Constitution and
to the terms and conditions established in Act Numbered Thirty-six
hundred and thirty-six, as amended by Commonwealth Act Numbered One
hundred and thirty-two, there is hereby granted to Ruben A. So, for a
period of twenty-five years from the approval of this Act, the right,
privilege and authority to install, maintain and operate an electric
light, heat and power system for the purpose of generating and
distributing electric light, heat and/or power for sale within the
limits of the Municipality of Monreal, Province of Masbate. |
Sec. 2. In the event that the grantee shall purchase and secure from the National Power Corporation electric heat and power, the National Power Corporation is hereby authorized to negotiate and transact for the benefit and in behalf of the public consumers with reference to rates.
Sec. 3. In consideration of the franchise and rights hereby granted, the grantee shall pay a franchise tax equal to five per centum of the gross earnings under this franchise, three per centum of which shall accrue to the National Government and two per centum to the municipality where the franchise is being operated.
Sec. 4. It is hereby expressly provided that in the event the Government should decide to maintain and operate for itself the plant and enterprise herein authorized, the grantee shall surrender his franchise and will turn over to the Government all serviceable equipment therein, at cost, less reasonable depreciation.
Sec. 5. This Act shall take effect upon its approval.
Enacted without Executive
approval, June 17, 1967.