Republic Act No. 5912

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1

Section one .of Republic Act numbered Four hundred seven is hereby amended to read as follows:

"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 Nilda E. Martinez, 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/or power system for the purpose of generating and distributing electric light, head and/or power within the limits of the Municipality of Masbate, Province of Masbate."

Section 2

The same Act is amended by inserting a new section thereof to read as follows:

"Section l-A. In consideration of this franchise the grantee shall pay a franchise tax equivalent to five per centum of its gross income."

Section 3

This Act shall take effect upon its approval.

Enacted without Executive approval, June 21, 1969.