REPUBLIC ACT NO. 255, June 14, 1948

[ REPUBLIC ACT NO. 255, June 14, 1948 ]

AN ACT EXTENDING THE TERM OF THE FRANCHISE IN PURSUANCE TO THE AUTHORITY GRANTED UNDER LEGISLATIVE ACT NUMBERED THREE THOUSAND TWO HUNDRED AND FIFTEEN TO GABRIEL T. HERNANDEZ, AND LATER TAKEN OVER BY THE CACHO AND HIDALGO COPARTNERSHIP TO CONSTRUCT, MAINTAIN, AND OPERATE AN ELECTRIC LIGHT, HEAT, AND POWER SYSTEM IN THE MUNICIPALITY OF DAET, PROVINCE OF CAMARINES NORTE.

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 of the Philippines and of the Philippine Trade Agreement of 1946, the term of the franchise granted in pursuance to the authority under Legislative Act Numbered Three thousand two hundred and fifteen to Gabriel T. Hernandez and later assigned to and taken over by the Cacho and Hidalgo copartnership, to construct, maintain, and operate n electric light, heat, and power system for the purpose of generating and distributing for sale electric light, heat, and power throughout the municipality of Daet, Province of Camarines Norte, is hereby extended, under the same terms and conditions therein provided, for a period of twenty-five years from the date of its expiration.

SEC. 2. The extension herein granted shall be effective if the grantee, the Cacho and Hidalgo copartnership, shall file with the Office of the President of the Philippines, the acceptance in writing of the provisions of this Act within three months after the approval of the same.

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

Approved, June 14, 1948.