REPUBLIC ACT NO. 3444 - AN ACT EXTENDING TO THE MARIKINA ELECTRIC LIGHT, INCORPORATED, A FRANCHISE TO INSTALL, OPERATE, AND MAINTAIN AN ELECTRIC LIGHT, HEAT; AND POWER SYSTEM IN THE MUNICIPALITY OF MARIKINA, PROVINCE OF RIZAL.

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

SECTION 1. Subject to the provisions of the Constitution and 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, there is granted to the Marikina Electric Light, Incorporated, for a period of fifty 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, heat and/or power for sale within the Municipality of Marikina, Province of Rizal.

SEC. 2. In the event that the National Power Corporation shall have established its lines in the areas adjacent to or over the territory covered by this franchise, the National Power Corporation may make available its power and heat only after negotiation with and through the Marikina Electric Light, Incorporated, or with the authority and consent of the grantee.

SEC. 3. In consideration of the franchise and rights hereby granted, the grantee shall pay into the treasury of the Philippines, a franchise tax equal to two per centum of the gross earnings for electric current sold under this franchise. Provision of laws to the contrary notwithstanding, the franchise tax equal to two per centum of the gross earnings of the grantee as provided for in the original franchise granted by the Municipality of Marikina, Province of Rizal, shall be respected. Effective upon the date the original franchise was granted, no other tax upon its capital stock, franchise, right of way, earnings and all other property owned or operated by the grantee under this concession or franchise shall be levied or assessed on the herein grantee except the franchise tax of two per centum of the gross earnings mentioned in the said original franchise.

SEC. 4. Upon approval of this Act, the municipal franchise granted the Marikina Electric Light, Incorporated, shall terminate and this franchise shall take its place.

SEC. 5. This Act shall take effect upon its approval.

Enacted, without Executive approval, June 18, 1961.