"Section 1. Subject to the rules and conditions established in Act Numbered Thirty-six hundred and thirty-six, there is granted to the Baclayon Electric Light and Power Company, Incorporated, for a period of another twenty-five 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 power, for sale within the limits of the Municipality of Baclayon, Province of Bohol. This franchise shall not be transferable except with the approval of the Congress of the Philippines.