Republic Act No. 6416

Section 1. The title of Republic Act Numbered Fifty-three hundred nine is hereby amended to read as follows:

"An Act granting Moreno y Llorca Hermanos, Inc., a franchise to install, operate and maintain an electric light, heat, power, ice and cold storage plant in the Island of Tablas, Province of Romblon, and to sell and distribute electric light, heat, power, and ice and supply cold storage herein."

Section 2. Sections one and five of the same Act are here-y amended to read as follows:

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Section 5. If the grantee shall not commence the generation of electricity and the manufacture and distribution of ice and electricity in the Island of Tablas, Province of Romblon, within two years from the approval of this amendatory Act, unless prevented by an act of God or force majeure, martial law, riot, civil commotion, usurpation by a military power or any other cause beyond the grantee's control, this franchise be null and void."

Section 3. The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise or the rights, privileges acquired thereunder, to any person, firm, company, corporation or other commercial or legal entity, nor merge with any other person, company, or corporation organized for the same purpose, without the approval and/or consent of the Congress of the Philippines. 1—шphi1

Section 4. In consideration of the franchise and rights hereby granted, the grantee shall pay a franchise tax equal to five— per centum —of its gross earnings under this franchise, three—per centum—of which shall accrue to the national government and two— per centum —to the municipality where the franchise is in operation.