Republic Act No. 8148

 

 

AN ACT

FURTHER EXTENDING THE TERM OF THE FRANCHISE GRANTED TO CONSUELO D. BORJA NOW PRESENTLY HELD BY ILIGAN LIGHT AND POWER, INC., HER SUCCESSOR-IN-INTEREST, UNDER REPUBLIC ACT NUMBERED SIX THOUSAND THREE HUNDRED NINETY-ONE, ORIGINALLY GRANTED TO CONSUELO D. BORJA UNDER ACT NUMBERED THREE THOUSAND EIGHT HUNDRED TEN FOR A PERIOD OF TWENTY-FIVE (25) YEARS FROM THE DATE OF ITS EXPIRATION, AND FOR OTHER PURPOSES

 

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

 

SECTION 1.  The term of franchise granted to Consuelo D. Borja, now held by Iligan Light and Power, Inc., as her successor-in-interest, originally granted to Consuelo D. Borja under Act Numbered Three thousand eight hundred ten and extended under Republic Act Numbered Six Thousand three hundred ninety-one is hereby extended under the same terms and conditions therein provided, subject to the provisions of the Constitution, for a period of twenty-five (25) years from the date of its expiration.

 

SEC. 2.  The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise nor the rights and privileges acquired there under, to any person, firm, company, corporation or other commercial or legal entity, nor merge with any person, company or corporation organized for the same purpose, without the approval and/or consent of the Congress of the Philippines.

 

SEC. 3.  This Act shall take effect upon its approval.

 

Approved,

 

Lapsed into law on September 4, 1995 without the signature of the President, in accordance with Article VI, Section 27 (1) of the Constitution.

 

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Last revised:  May 11, 2016 04:20 PM.

 

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