REPUBLIC ACT NO. 4527 - AN ACT GRANTING BENJAMIN P. LAZARO A FRANCHISE TO INSTALL, MAINTAIN AND OPERATE ELECTRIC LIGHT, HEAT AND POWER SYSTEM IN THE MUNICIPALITY OF GENERAL NATIVIDAD, PROVINCE OF NUEVA ECIJA.

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

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 Benjamin P. Lazaro, for a period of twenty-five years from the approval of this Act, the right, privilege and authority to install, maintain and operate electric light, heat and power system for the purpose of generating and distributing electric light, heat and/or power for sale within the Municipality of General Natividad in the Province of Nueva Ecija.

SEC. 2. In the event that the grantee shall purchase and secure electric energy and power from the National Power Corporation, the latter is hereby authorized to negotiate and transact for the benefit and in behalf of the public consumers with reference to rates.

SEC. 3. In consideration of the franchise and rights hereby granted, the grantee shall pay a franchise tax equal to five per centum of the gross earnings for electric current sold 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.

SEC. 4. It is expressly provided that in the event the Government shall desire to maintain and operate for itself the system and enterprise herein authorized, the grantee shall surrender his franchise and turn over to the Government all serviceable equipment therein at cost, less reasonable depreciation.

SEC. 5. This Act shall take effect upon its approval.

Approved, June 19, 1965.