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| REPUBLIC ACT NO. 278 - AN
ACT TO REHABILITATE THE ORMOC ELECTRIC COMPANY, ORGANIZED UNDER ACT
NUMBERED TWENTY-SEVEN HUNDRED AND SEVENTY, BY EXTENDING THE TERM OF ITS
FRANCHISE TO TWENTY-FIVE YEARS FROM THE DATE OF ITS EXPIRATION ON MARCH
FOUR, NINETEEN HUNDRED AND FIFTY-THREE |
| Section
1. The term of the franchise of the Ormoc Electric
Company, granted under the provisions of Act Numbered Twenty-seven
hundred and seventy of the Philippine Legislature, approved March five,
nineteen hundred and eighteen, for the operation and maintenance of an
electric power, heat and light system in the municipality of Ormoc,
Province of Leyte, is hereby extended for a period of twenty-five years
from the date said franchise shall, under the provisions of section one
of the said Act Numbered Twenty-seven hundred and seventy, expire on
March four, nineteen hundred and fifty-three: Provided, however, That
the enjoyment or use of said franchise and the operation or maintenance
of the electric power, heat and light system thereunder shall, from the
beginning of the extension on March five, nineteen hundred and
fifty-three, be subject to the restrictions and conditions prescribed
in section eight of Article Fourteen of the Philippine Constitution, as
amended, and to those provided in Acts of the Congress of the
Philippines enacted pursuant to the said section of the
Constitution. Section 2. The extension herein granted shall not take effect unless the grantee or its representatives, successors, or assigns shall, within ninety days after the approval of this Act, accept in writing sworn to under oath the provisions contained in the proviso of the preceding section. Section 3. This Act shall take effect upon its approval. Approved: June 16, 1948 |
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