REPUBLIC ACT NO. 5937 - AN ACT GRANTING THE ASIATIC INTEGRATED CORPORATION, A FRANCHISE TO CONSTRUCT, MAINTAIN AND OPERATE AN ICE PLANT AND COLD STORAGE IN THE MUNICIPALITY OF MARIVELES, PROVINCE OF BATAAN
1. Subject to the conditions imposed by this Act,
there is granted to the Asiatic Integrated Corporation, its successors
or assigns, for a period of twenty-five years after the approval of
this Act, the right, privilege and authority to construct, maintain and
operate an ice plant and cold storage in the Municipality of Mariveles,
Province of Bataan, for the purpose of manufacturing ice and supplying
cold storage and to sell and distribute the ice so manufactured and
supply cold storage facilities therein and to collect a schedule
of rates and prices for the ice and cold storage so furnished
which schedule of prices and rates shall at all times be subject to
regulation by the Public Service Commission. |
Sec. 2. The grantee shall manufacture and supply ice up to the limit of the capacity of its plant as determined by the Public Service Commission.
Sec. 3. All the apparatus and appurtenances to be used by the grantee shall be modern, safe and first class in every respect, and the grantee shall, whenever the Public Service Commission shall determine that public interest reasonably requires it, change or alter any of its apparatus and appurtenances at grantee's expense.
Sec. 4. If the grantee shall not commence the construction of the ice plant and cold storage within two years from the approval of this Act, unless prevented by an act of God or force majeure, martial law, riot, civil commotion, usurpation by a military power or any other cause beyond the grantee's control, this franchise shall become null and void.
Sec. 5. This franchise is granted subject to the provisions of Commonwealth Act Numbered One hundred forty-six, as amended, only with respect to the fixing of rates, and with the understanding and upon the condition that it shall be subject to amendment, alteration or repeal by the Congress of the Philippines when public interest so requires.
Sec. 6. The grantee shall be liable to pay the same taxes, unless exempted therefrom, on his business, real estate, buildings, and personal property, exclusive of this franchise, as any other persons or corporations are now or hereafter may be required by law to pay.
Sec. 7. In consideration of this franchise the grantee shall pay a tax equivalent to five per cent of its gross income.
Sec. 8. This Act shall take effect upon its approval.
Enacted without Executive
approval, June 21, 1969.