Listed in Republic Acts
AN ACT GRANTING EDUARDO MARUHOM A FRANCHISE TO INSTALL, OPERATE AND MAINTAIN AN ELECTRIC LIGHT AND POWER SYSTEM IN THE MUNICIPALITY OF MAIGO, PROVINCE OF LANAO DEL NORTE
Section 1. Subject to the provisions of the Constitution and 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, there is granted to Eduardo Maruhom, for a period of twenty-five years from the approval of this Act, the right, privilege and authority to construct, operate and maintain an electric light and power system for the purpose of generating and distributing electric light and/or power for sale within the Municipality of Maigo, Province of Lanao del Norte.
Section 2. In the event that the grantee shall purchase and secure electric power from the National Power Corporation, the latter is hereby authorized to negotiate and transact for the benefit 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 his franchise and turn over to the Government all serviceable equipment therein, at fair market value, less reasonable depreciation.
Section 4. In consideration of this franchise the grantee shall pay a tax equivalent to five per cent of its gross income.
Section 5. This Act shall take effect upon its approval.
Enacted, without executive approval, August 4, 1969.
Please login to add your review.