REPUBLIC ACT NO. 5912 - AN
ACT EXTENDING THE TERM OF THE FRANCHISE GRANTED TO NILDA E. MARTINEZ
FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF
MASBATE, PROVINCE OF MASBATE, BY AMENDING REPUBLIC ACT NUMBERED FOUR
Section 1. Section one of Republic Act Numbered Four hundred
seven 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 Nilda E.
Martinez, 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/or power system for the purpose of
generating and distributing electric light, head and/or power within
the limits of the Municipality of Masbate, Province of Masbate."
Sec. 2. The same Act is amended by inserting a new
section thereof to read as follows:
"Sec. 1-A. In consideration of this franchise the
grantee shall pay a franchise tax equivalent to five per centum of its
Sec. 3. This Act shall take effect upon its
Enacted without Executive
approval, June 21, 1969.