Act No. 3665

Section 1. Section one of Act Numbered Twenty-nine hundred and eighty-three is hereby amended to read as follows:

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Section 2. Section two of Act Numbered Twenty-nine hundred eighty-three as amended, is hereby amended to read as follows:

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Section 3. Section eight of Act Numbered Twenty-nine hundred and eighty-three as amended, is hereby amended to read as follows:

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Section 8. The written acceptance of this franchise by the grantee shall be filed with the Secretary of Commerce and Communications within one hundred and twenty days from the date of the approval of this Act, and in consideration of this franchise and rights hereby granted the grantee shall pay into the municipal treasury of each municipality, in which it is supplying electricity to the public under this franchise, a tax equal to one and one-half per centum of the gross earnings of his electrical business in the corresponding municipality during the remaining thirty years of the life of said franchise. Said percentage shall be due and payable quarterly and shall be in lieu of all taxes of any kind levied, established, or collected by any authority whatsoever, now or in the future, on its poles, wires, insulators, switches, transformers and other structures, installations, conductors, and accessories, placed in and over the public streets, avenues, roads, thoroughfares, squares, bridges, and other places and on its franchise, rights, privileges, receipts, revenues, and profits, from which taxes the grantee is hereby expressly exempted."

Section 4. Section nine of said Act Numbered Twenty-nine hundred and eighty-three is hereby amended to read as follows:

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Section 9. The grantee shall be required by the Public Service Commission to make for each certificate of public necessity and convenience obtained by it in accordance with section two hereof, a deposit of not less than one thousand pesos, Philippine currency, or negotiable bonds of the United States or other securities approved by the Public Service Commission, of a face value of not less than one thousand pesos, Philippine currency, such deposit to be made in the Insular Treasury, within a period to be fixed by the Public Service Commission, as an earnest of good faith and a guarantee that the grantee, will, within a period also to be fixed by the Public Service Commission, begin and complete the work and be completely provided with the necessary equipment to begin the electric light and power service in the municipality concerned. The Public Service Commission shall order the return of the deposit herein required to the grantee upon the completion of the work for the electric supply service in accordance with the terms and conditions of the certificate obtained."

Section 5. Section eleven of Act Numbered Twenty-nine hundred and eighty-three as amended, is hereby amended to read as follows:

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Section 11. This franchise is granted with the understanding and upon the condition that it shall be subject to the amendment, alteration, or repeal by the Congress of the United States as provided in section twenty-eight of the Act of Congress approved August twenty-ninth, nineteen hundred and sixteen, entitled 'An Act to declare the purpose of the people of the United States as to the future political status of the people of the Philippine Islands, and to provide a more autonomous government for those Islands' and that it shall be subject, in all respect, to the limitations upon corporations and the granting of franchises contained in said Act of Congress and that all lands, or rights shall revert upon its termination to the insular, provincial, or municipal governments which were the owners thereof."

Section 6. In the event that House Bill Numbered Twenty-seven hundred and thirteen, entitled "An Act prescribing the form for bills for the granting of electric light and power franchises, and for other purposes" shall become a law, the franchise herein granted shall be considered amended so as to conform in each and every detail to the form prescribed in said Bill.

This Act shall take effect on its approval

Section 7. This Act shall take effect on its approval.

Approved. December 7, 1929.