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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACTS
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REPUBLIC ACT NO. 5445 - AN
ACT GRANTING MISAMIS ORIENTAL RURAL ELECTRIC SERVICE COOPERATIVE, INC.,
A FRANCHISE FOR AN ELECTRIC LIGHT AND POWER SYSTEM IN THE
MUNICIPALITIES OF LUGAIT, MANTICAO, NAAWAN, INITAO, LIBERTAD, GITAGUM,
LAGUINDINGAN, ALUBIJID AND EL SALVADOR, ALL IN THE PROVINCE OF MISAMIS
ORIENTAL 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 thirty-two, and to the provisions of the Constitution, there is granted to Misamis Oriental Rural Electric Service Cooperative, Inc. (MORESCO), for a period of fifty years from the approval of this Act, the right, privilege and authority to install, maintain and operate an electric light and power system for the purpose of generating and distributing electric light and power for sale to its members and customers in the Municipalities of Lugait, Manticao, Naawan, Initao, Libertad, Gitagum, Laguindingan, Alubijid and El Salvador, all in the Province of Misamis Oriental. No government-owned or controlled corporation shall sell wholesale or retail electricity to any utility or customer within the area covered by this franchise at rates lower than those at which power is sold to the grantee and without the latter's written consent. Sec. 2. The grantee shall operate according, and
at all times adhere, to the "area-coverage" principle; shall be
"non-profit"; and shall during the first twenty-five years or for as
long as its obligations are not fully paid, be exempted from all taxes,
duties and fees of whatever kind and nature, except income tax as
applicable to non-agricultural cooperatives the provisions of any
existing law to the contrary notwithstanding. Sec. 3. The grantee is hereby authorized to mortgage this franchise and its assets in favor of the Electrification Administration, the Philippine National Bank and its subsidiaries, the Development Bank of the Philippines or any other lending institution subject to the approval of the Public Service Commission. The Development Bank of the Philippines is hereby authorized to obtain foreign loans for relending to the grantee pursuant to the provisions of section three of Republic Act Numbered Four thousand eight hundred sixty. Sec. 4. This Act shall take effect upon its
approval. Approved: September 9,
1968 |
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