A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACT NO. 6416 - AN ACT
AMENDING THE TITLE AND SECTIONS ONE AND FIVE OF REPUBLIC ACT NUMBERED
FIFTY-THREE HUNDRED NINE (RE: ELECTRIC LIGHT, ICE AND COLD STORAGE
FRANCHISE OF MORENO Y LLORCA)
Section 1. The
title of Republic Act Numbered Fifty-three hundred nine is hereby
amended to read as follows:
Sec. 2. Section s one and five of the same Act are
hereby amended to read as follows:
Sec. 3. The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise or the rights, privileges acquired thereunder, to any person, firm, company, corporation or other commercial or legal entity, nor merge with any other person, company, or corporation organized for the same purpose, without the approval and/or consent of the Congress of the Philippines.
Sec. 4. In consideration of the franchise and rights hereby granted, the grantee shall pay a franchise tax equal to five per centum of its gross earnings under this franchise, three per centum of which shall accrue to the national government and two per centum to the municipality where the franchise is in operation.
Sec. 5. This Act shall take effect upon its