An Act Amending Republic Act Numbered Forty-Five Hundred Forty-Five, Entitled "An Act Granting Rural Electrification Corporation a Franchise to Establish, Maintain and Operate Radio Broadcasting and Television Stations in the Island of Mindanao"

REPUBLIC ACT No. 5114

An Act Amending Republic Act Numbered Forty-Five Hundred Forty-Five, Entitled "An Act Granting Rural Electrification Corporation a Franchise to Establish, Maintain and Operate Radio Broadcasting and Television Stations in the Island of Mindanao"

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1. The title of Republic Act Numbered Forty-five hundred forty-five is hereby amended to read as follows:

Section 2. Section two of the same Act is hereby amended to read as follows:

Section 3. The same Act is hereby amended by inserting between Sections eleven and twelve thereof a new section, to be known as Section eleven-A which shall read as follows:

Section 4. This Act shall take effect upon its approval.

Approved: June 17, 1967.

"An Act granting the Rural Electrification Corporation a franchise to establish, maintain and operate radio broadcasting and television stations in the Island of Mindanao."

"Sec. 2. This franchise shall continue for a period of twenty-five years from the date said stations shall be put into operation, and is granted upon the express condition that the same shall be void unless the construction of at least one radio broadcasting station or one television station be begun within two years from the date of approval of this amendatory Act and completed within three years from said date.

"Sec. 11-A. In the event of any competing individual, association of persons, partnership or corporation receiving from the Congress of the Philippines a similar franchise in which there shall be any term or terms more favorable than those herein granted or tending to place, the herein grantee at any disadvantage then such term or terms shall ipso facto become a part of the terms hereof and shall operate equally in favor of the grantee as in the case of said competing individual, association of persons, partnership or corporation."