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| REPUBLIC ACT NO. 1501 - AN ACT
GRANTING THE NAIC ELECTRIC COMPANY A FRANCHISE FOR AN ELECTRIC LIGHT,
HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF NAIC, PROVINCE OF CAVITE |
| 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 the Naic Electric Company, for a
period of fifty 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/or power for sale within the
Municipality of Naic Province of Cavite. Section 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. Section 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. Section 4. This Act shall take effect upon its approval. Approved: June 16, 1956 |
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