AN ACT GRANTING MATI LIGHT AND POWER, INC. A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF MATI, PROVINCE OF DAVAO ORIENTAL.

[ REPUBLIC ACT NO. 5684, June 21, 1969 ]

AN ACT GRANTING MATI LIGHT AND POWER, INC. A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF MATI, PROVINCE OF DAVAO ORIENTAL.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1. Subject 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, and to the provisions of the Constitution, there is granted to Mati Light and Power, Inc., for a period of 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 Municipality of Mati, Province of Davao Oriental, Philippines.

Section 2. In the event that the grantee shall purchase and secure from the Natoinal Power Corporation electric heat and power, the latter is hereby authorized to negotiate and transact for the benefit and in behalf 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 its franchise and turn over to the Government all serviceable equipment therein, at cost, less reasonable depreciation.

Section 4. In consideration of this franchise the grantee shall pay a tax equivalent to five percent of its gross income.

Section 5. This Act shall take effect upon its approval.

Enacted without Executive approval, June 21, 1969.