PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
| REPUBLIC ACT NO. 1453 - AN ACT
GRANTING A.S. DIAZ ELECTRIC SERVICE A FRANCHISE TO INSTALL, OPERATE,
AND MAINTAIN AN ELECTRIC LIGHT, HEAT, AND POWER SYSTEM IN THE CITY OF
BACOLOD AND ITS SUBURBS |
| Section 1.
Subject to the provisions of the Constitution and 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, there is granted to A.S. Diaz Electric Service, 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 power system for the purpose of generating and
distributing electric light, heat and/or power for sale within the City
of Bacolod and its suburbs. Sec. 2. In the event that the grantee shall purchase and secure from the National Power Corporation electric heat and power, the National Power Corporation is hereby authorized to negotiate and transact for the benefit and in behalf of the public consumers with reference to rates.
Sec. 3. In consideration of the franchise and
rights hereby granted, the grantee shall pay into the treasury of the
Philippines a franchise tax equal to two per centum of the gross
earnings for electric current sold under this franchise. Approved: June 14, 1956 |