PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
REPUBLIC ACT NO. 1397 - AN
ACT TO AMEND SECTION TWO (k) OF COMMONWEALTH ACT NUMBERED ONE HUNDRED
TWENTY, ENTITLED "AN ACT CREATING THE NATIONAL POWER CORPORATION,
PRESCRIBING ITS POWERS AND ACTIVITIES, APPROPRIATING THE NECESSARY
FUNDS THEREFOR, AND RESERVING THE UNAPPROPRIATED PUBLIC WATERS FOR ITS
USE," AS AMENDED BY SECTION ONE OF REPUBLIC ACT NUMBERED THREE HUNDRED
FIFTY-EIGHT |
Section 1.
Section two (k) of Commonwealth Act Numbered One hundred and twenty, as
amended by section one of Republic Act Numbered Three hundred and
fifty-eight, is further amended to read as follows: "(k) When
essential to the proper administration of its corporate affairs or
necessary for the proper transaction of its business or to carry out
the purposes for which it was organized, to contract indebtedness and
issue bonds subject to the approval of the President of the Philippines
upon the recommendation of the National Economic Council. The total
indebtedness of the Corporation, of all classes, shall not at any time
exceed five hundred million pesos, and the issue of bonds shall be
subject to the conditions set forth in section four of this Act. All
projects to be financed with funds accruing from this increased
indebtedness shall be approved by the National Economic Council:
Provided, however, That in distributing and allocating the output
produced by the National Power Corporation, the needs and requirements
of the different users thereof whether for public utility, industrial
or otherwise should be taken into account and a just and equitable
distribution and allocation thereof should be made, giving preference
to the need of the adjacent areas: And provided, further, That areas
traversed by transmission lines shall be allocated electricity
proportionate to the needs of the areas."
Sec. 2. This Act shall take effect upon its approval. Approved: September 8, 1955 |