Grant of Franchise to Domingo Veloso (Electric Light, Heat and Power System)
Republic Act No. 1550, approved on June 16, 1956, grants Domingo Veloso a 25-year franchise to construct and operate an electric light, heat, and power system in the Municipality of Tabango, Leyte. The franchise is subject to existing laws and constitutional provisions. If Veloso purchases electric power from the National Power Corporation, the Corporation is authorized to negotiate rates for public consumers. Additionally, if the government decides to operate the system, Veloso must surrender the franchise and transfer the equipment at cost, minus depreciation. This act became effective upon its approval.
June 16, 1956
REPUBLIC ACT NO. 1550
AN ACT TO GRANT TO DOMINGO VELOSO OF TABANGO, LEYTE, A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF TABANGO, PROVINCE OF LEYTE
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 Domingo Veloso of Tabango, Leyte, 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 plant for the purpose of generating and distributing electric light, heat and/or power for sale within the limits of the Municipality of Tabango, Province of Leyte. acd
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.
SECTION 3. It is expressly provided that in the event the Government should desire to maintain and operate for itself the plant and enterprise herein authorized, the grantee shall surrender his 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 16, 1956 aisa dc
Published in the Official Gazette, Vol. 52, No. 10, p. 4525 on August 31, 1956