REPUBLIC ACT NO. 5862 - AN ACT AMENDING REPUBLIC ACT NUMBERED FORTY HUNDRED TWENTY-EIGHT BY CHANGING THE NAME OF THE GRANTEE FROM ANTONIA L. ALISANGCO TO BACNOTAN DEVELOPMENT CORPORATION.

SECTION 1. The title of Republic Act Numbered Forty hundred twenty-eight is hereby amended to read as follows:

"An Act granting Bacnotan Development Corporation a franchise for an electric light, heat and power system in the Municipality of Bacnotan, Province of La Union." SEC. 2. Sections one, two and four of the same Act are amended to read as follows:

"Section 1. Subject to the provisions of the Constitution and to the terms and conditions established in Act Numbered Thirty-six hundred thirty-six, as amended by Commonwealth Act Numbered One hundred thirty-two, there is granted to Bacnotan Development Corporation for a period of twenty-five years from the date of 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/or distributing electric light, heat and/or power for sale within the Municipality of Bacnotan, Province of La Union. 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 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 Bacnotan Development Corporation or with the authority and consent of said grantee.

"SEC. 4. Upon approval of this Act, the municipal franchise granted to Bacnotan Development Corporation shall terminate and this franchise shall take its place."

SEC. 3. The same Act is amended by inserting between Sections three and four thereof a new section to read as follows:

"SEC. 3-A. In consideration of this franchise the grantee shall pay a tax equivalent to five per cent of its gross income." SEC. 4. This Act shall take effect upon its approval.

Enacted without Executive approval, June 21, 1969.