REPUBLIC ACT NO. 4409 - AN ACT GRANTING TAYUG ELECTRICAL CORPORATION A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF TAYUG, PROVINCE OF PANGASINAN
1. Subject to the provisions of the Constitution and
to the terms and conditions established in Act Numbered Thirty-six
hundred thirty-six, as amended by Commonwealth Act Numbered One hundred
thirty-two, there is granted to the Tayug Electric Corporation, a
corporation duly organized and existing under the laws of the Republic
of the Philippines, for a period of twenty-five, years from the date of
approval of this Act, the right, privilege and authority to construct,
maintain and operate an electric light, heat and power system for the
purpose of generating and/or distributing electric light, heat and/or
power for sale within the Municipality of Tayug, Province of
Pangasinan. The grantee shall further have the right and privilege to
install, lay and maintain on all streets, public thoroughfares, bridges
and public places within said limits, poles, wires, transformers,
capacitors, overhead protective devices, and pole line hardware, and
other equipment necessary for the safe distribution of electric current
to the public. |
Sec. 2. In the event that the grantee shall purchase and secure electric heat and power from the National Power Corporation, the letter is hereby authorized to negotiate and transact for the benefit and in behalf of the public consumers with reference to rates.
Sec. 3. The rates for the sale of electric light, heat and/or power shall always be subject to regulation by the Public Service Commission.
Sec. 4. 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 for electric current sold 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 in operation.
Sec. 5. Upon approval of this Act, the municipal franchise granted to the Tayug Electric Corporation shall terminate and this franchise shall take its place.
Sec. 6. This Act shall take effect upon its approval.
Approved: June 19, 1965