Grant of Franchise to Monkayo Electric Company (Electric Light, Heat and Power System)

June 18, 1955

REPUBLIC ACT NO. 1351

AN ACT GRANTING THE MONKAYO ELECTRIC COMPANY A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF MONKAYO, PROVINCE OF DAVAO

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 the Monkayo Electric Company, 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 Monkayo, Province of Davao.

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. acd

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. 3917 in August 1955