REPUBLIC ACT NO. 5216 - AN ACT GRANTING TABACO ELECTRIC CO., INC. A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF TABACO, PROVINCE OF ALBAY
1. Subject to the terms and conditions established in
Act Numbered Thirty-six hundred thirty-six, as amended by Commonwealth
Act Numbered One hundred thirty-two, and to the provisions of the
Constitution, there is granted to Tabaco Electric Co. Inc., 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 in the
Municipality of Tabaco, Province of Albay. |
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. It is expressly provided that, in the event the Government should desire to maintain and operate for itself the system and enterprise herein authorized, the grantee shall surrender its franchise and will turn over to the Government all serviceable equipment therein, at cost, less reasonable depreciation.
Sec. 4. This Act shall take effect upon its approval.
Enacted without Executive
approval, June 15, 1968.