REPUBLIC ACT No. 2939
An Act Granting Graciano Banogon a Franchise for an Electric Light, Heat and Power System in the Municipality of Tanjay, Province of Negros Oriental
Be it enacted by the Senate and House of Representatives of the Philippine 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 Graciano Banogon, 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 system for the purpose of generating and distributing electric light, heat and/or power for sale in the Municipality of Tanjay, Province of Negros Oriental.
Section 2. In the event that the grantee shall purchase and secure from the National Power Corporation electric heat and power, the National Power Corporation is hereby authorized to negotiate and transact for the benefit and in behalf of the public consumers with reference to rates.1âшphi1
Section 3. It is expressly provided that, in the event the Government should desire to maintain and operate for itself the system and the enterprise herein authorized, the grantee shall surrender his franchise and turn over to the Government all serviceable equipment therein at cost, less reasonable depreciation.
Section 4. This Act shall take effect upon its approval.
Approved: June 19, 1960.
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