REPUBLIC ACT NO. 4687 - AN ACT GRANTING FIDEL F. REYES A FRANCHISE TO INSTALL, OPERATE AND MAINTAIN AN ELECTRIC LIGHT, HEAT AND POWER SYSTEM, IN THE MUNICIPALITY OF CALUMPIT, PROVINCE OF BULACAN.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Subject to the provision of the Constitution and 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, there is granted Fidel F. Reyes for a period of twenty-five years from the approval of this Act, the right, privilege and authority to construct, operate and maintain an electric light, heat and power system for the purpose of generating and distributing electric light, within the Municipality of Calumpit, Province of Bulacan. The grantee shall further have the right and privilege to install, lay and maintain on all streets, public thoroughfares, bridges and public places within said limits, poles, wires, transformers, capacitors, overhead protective devices, and pole line hardware, and other equipment necessary for the safe distribution of electric current to the public.

SEC. 2. In the event that the grantee shall purchase secure from the National Power Corporation electric heat and power, the National Power Corporation is hereby authorized to negotiate and transact business for the benefit and in behalf of the public consumers with reference to rates subject to the approval of Public Service Commission.

SEC. 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 his franchise and will turn over to the Government all serviceable equipment therein, at fair market value, less reasonable depreciation.

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

Approved, June 18, 1966.