Amendment to Sec. 9 of Act No. 2392
Act No. 2443, enacted on January 13, 1915, amends Section 9 of Act No. 2392, which granted the Pototan Electric Light and Power Company a franchise to operate in Pototan, Iloilo. The amendment extends the timeline for the company to deposit an additional sum of nine thousand pesos as a guarantee for fulfilling the franchise conditions. If the deposit is not made within twelve months, the initial deposit of one thousand pesos will be forfeited to the municipality. Furthermore, both deposits can be forfeited if the company fails to begin or complete the required work on time, rendering the franchise void. If the conditions are met, the deposits may be returned, and the Insular Treasurer can accept bonds in lieu of cash deposits.
Quick Answers
- What is Amendment to Sec. 9 of Act No. 2392 about?
- Act No. 2443, enacted on January 13, 1915, amends Section 9 of Act No. 2392, which granted the Pototan Electric Light and Power Company a franchise to operate in Pototan, Iloilo. The amendment extends the timeline for the company to deposit an additional sum of nine thousand pesos as a guarantee for fulfilling the franchise conditions. If the deposit is not made within twelve months, the initial deposit of one thousand pesos will be forfeited to the municipality. Furthermore, both deposits can be forfeited if the company fails to begin or complete the required work on time, rendering the franchise void. If the conditions are met, the deposits may be returned, and the Insular Treasurer can accept bonds in lieu of cash deposits.
- What type of law is Act No. 2443?
- Amendment to Sec. 9 of Act No. 2392 (Act No. 2443) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Amendment to Sec. 9 of Act No. 2392 enacted?
- Amendment to Sec. 9 of Act No. 2392 (Act No. 2443) was enacted on Jan 13, 1915.
- What is the citation for Amendment to Sec. 9 of Act No. 2392?
- Amendment to Sec. 9 of Act No. 2392, Act No. 2443, Jan 13, 1915 (Philippines)
Law Information
- Reference Number
- Act No. 2443
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
January 13, 1915
ACT NO. 2443
AN ACT TO AMEND SECTION NINE OF ACT NUMBERED TWENTY-THREE HUNDRED AND NINETY-TWO, ENTITLED "AN ACT GRANTING TO THE SOCIEDAD ANONIMA DENOMINATED 'POTOTAN ELECTRIC LIGHT AND POWER COMPANY, LIMITED,' A FRANCHISE TO INSTALL, OPERATE, AND MAINTAIN AN ELECTRIC LIGHT, HEAT, AND POWER SYSTEM IN THE MUNICIPALITY OF POTOTAN, PROVINCE OF ILOILO, PHILIPPINE ISLANDS," BY EXTENDING THE TIME WITHIN WHICH THE GRANTEE SHALL DEPOSIT IN THE INSULAR TREASURY THE ADDITIONAL SUM PROVIDED AS A GUARANTEE OF THE FAITHFUL PERFORMANCE OF THE CONDITIONS OF THE CONCESSIONARY GRANT, AND FOR OTHER PURPOSES
SECTION 1. Section nine of Act Numbered Twenty-three hundred and ninety-two is hereby amended to read as follows:
"SEC. 9. At the time of filing the acceptance mentioned in the last preceding section, the grantee shall deposit in the Insular Treasury one thousand pesos Philippine currency, as an earnest of the good faith of its application, and within twelve months thereafter it shall deposit in the Insular Treasury the additional sum of nine thousand pesos, Philippine currency, as a guarantee of the faithful performance of the conditions mentioned in this section, and in case said deposit of nine thousand pesos, Philippine currency, is not made within twelve months after the date of filing said acceptance, the sum of one thousand pesos already deposited shall be forfeited to the municipality of Pototan. In case, after the deposit of said sum of nine thousand pesos the work to be done under this franchise is not begun within the time specified, or is not completed within the time provided, both said deposits shall be forfeited to the municipality of Pototan, as damages for the breach of contract involved in the acceptance of the franchise, and this franchise shall become null and void. In case of the fulfillment of the conditions prescribed by this section, both said deposits of one thousand and nine thousand pesos shall be returned by the Insular Treasurer to the grantee, upon proper certificate of the district engineer of the fulfillment of said conditions: Provided, That if work shall be begun by the grantee within the time specified, the funds deposited may be returned to the grantee as the work progresses, in monthly or quarterly installments, in the discretion of the municipal authorities, in the proportion which the work done bears to the work to be done: Provided, further, That the Insular Treasurer may accept duly executed bonds of a fidelity company in lieu of the cash deposits by this section required." THCASc
SECTION 2. This Act shall take effect on its passage.
Enacted, January 13, 1915.
Cite This Law
Amendment to Sec. 9 of Act No. 2392, Act No. 2443, Jan 13, 1915 (Philippines)
Amendment to Sec. 9 of Act No. 2392, Act No. 2443 (Phil. 1915)
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