Republic Act No. 1358, approved on June 18, 1955, grants Amado Arsinas a 25-year franchise to construct, maintain, and operate an electric light, heat, and power system in Cawayan, Masbate. The Act stipulates that Arsinas must adhere to existing laws and allows the National Power Corporation to negotiate electricity rates on behalf of consumers if they purchase power from it. Additionally, if the government decides to operate the system itself, Arsinas is required to surrender the franchise and transfer all serviceable equipment at cost, minus reasonable depreciation. The Act became effective upon its approval and was published in the Official Gazette.
June 18, 1955
REPUBLIC ACT NO. 1358
AN ACT GRANTING AMADO ARSINAS A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF CAWAYAN, PROVINCE OF MASBATE
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 Amado Arsinas 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/or power for sale within the Municipality of Cawayan, Province of Masbate.
SECTION 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. cdt
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 will turn over to the Government all serviceable equipment therein, at cost, less reasonable depreciation.
SECTION 4. This Act shall take effect upon its approval.
Approved: June 18, 1955
Published in the Official Gazette, Vol. 51, No. 8, p. 3937 in August 1955