Republic Act No. 1453

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Subject to the provisions of the Constitution and 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, there is granted to A.S. Diaz Electric Service, 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 within the City of Bacolod and its suburbs.

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.

Section 3

In consideration of the franchise and rights hereby granted, the grantee shall pay into the treasury of the Philippines a franchise tax equal to two per centum of the gross earnings for electric current sold under this franchise.

Approved: June 14, 1956.