PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
REPUBLIC ACT NO. 5684 - AN
ACT GRANTING MATI LIGHT AND POWER, INC. A FRANCHISE FOR AN ELECTRIC
LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF MATI, PROVINCE OF
DAVAO ORIENTAL
|
Section
1. Subject 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, and to the
provisions of the Constitution, there is granted to Mati Light and
Power, Inc., for a period of twenty-five years from the 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 distributing electric light, heat and power for sale
within the Municipality of Mati, Province of Davao Oriental,
Philippines. Sec. 2. In the event that the grantee shall purchase and secure from the National Power Corporation electric heat and power, 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. 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 turn over to the Government all serviceable equipment therein, at cost, less reasonable depreciation. Sec. 4. In consideration of this franchise the grantee shall pay a tax equivalent to five percent of its gross income. Sec. 5. This Act shall take effect upon its approval. Enacted without Executive
approval, June 21, 1969. |
chanroblesvirtuallawlibrary