REPUBLIC ACT NO. 4615 - AN ACT GRANTING MAGALANG ELECTRIC PLANT COMPANY A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF MAGALANG, PROVINCE OF PAMPANGA
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 Magalang Electric Plant Company, 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 Magalang, Province of
Pampanga. 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,
watt-hour meters, 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 latter 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 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. 5. This Act shall take effect upon its approval.
Approved: June 19, 1965