REPUBLIC ACT NO. 4079 - AN ACT
AMENDING CERTAIN SECTIONS OF REPUBLIC ACT NUMBERED TWENTY-THREE HUNDRED
AND FORTY-ONE
Section 1. Section s one, two and three of Republic Act
Numbered Twenty-three hundred forty-one is hereby amended to read as
follows:
"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 Angeles
Electric Corporation, 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 City of Angeles.
"Sec. 2. In the event that the National Power
Corporation shall have established its lines in the areas adjacent to
or over the territory covered by this franchise, the National Power
Corporation may make available its power and heat only after
negotiation with and through or with the authority and consent of the
grantee.
"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 fair market value, less reasonable depreciation."
Sec. 2. The same Act is further amended by
inserting between Section s three and four a new section which shall
read as follows:
"Sec. 3-A. The franchise tax paid for the gross
earnings from electric current sold under this franchise shall be in
lieu of all taxes, fees and assessments of whatever authority now and
in the future upon privileges, capital stock, income, franchise, right
of way, machinery and equipment, poles, wires, transformers, watt-hour
meters, insulators of the grantee and all other property owned or
operated by the grantee under this concession or franchise, from which
taxes and assessments the grantee is hereby expressly exempted.”
Sec. 3. The title of the same Act is hereby
amended to read as follows:
"An Act granting Angeles Electric Corporation a franchise to install,
operate and maintain an electric light, heat and power system in the
City of Angeles."
Sec. 4. This Act shall take effect upon its
approval.
Approved: June 18, 1964
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