PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACT NO. 5842 - AN ACT GRANTING FRANCISCO BORROMEO A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF PIODURAN, PROVINCE OF ALBAY
1. Subject to the provisions of the Constitution and
to the terms and conditions established in Act Numbered Thirty-six
hundred and thirty-six, as amended and thirty-two, there is granted to
Francisco Borromeo, 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
within the Municipality of Pioduran, Province of Albay.
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. 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 or supplied under this franchise of which the two per centum shall accrue to the National Government and the other three per centum to the Municipality where the franchise is being operated.
Sec. 4. 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 his franchise and turn over to the Government all serviceable equipment therein, after the grantee herein shall have been paid fully by the Government, at cost, less reasonable depreciation.
Sec. 5. This Act shall take effect upon its approval.
Enacted without Executive
approval, June 21, 1969.