REPUBLIC ACT NO. 468 - AN ACT GRANTING PEDRO CANTUBA A FRANCHISE FOR AN ELECTRIC LIGHT, HEAT AND POWER PLANT IN THE MUNICIPALITY OF SAN FERNANDO, ISLAND OF TICAO, PROVINCE OF MASBATE.

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

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 Pedro Cantuba, for a period of fifty 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 Municipality of San Fernando, Island of Ticao, Province of Masbate: Provided, That the holder of the franchise herein granted shall start the operation thereof within one and a half years from the approval of said franchise.

SEC. 2. 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 the franchise and will turn over to the government all serviceable equipment therein, at cost, less reasonable depreciation.

SEC. 3. This Act shall take effect upon its approval.

Approved, June 9, 1950.