Republic Act No. 3804

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 the Posadas Electric Co., Inc., for a period of twenty-five 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 power for sale within the limits of the municipalities of San Carlos, Urbiztondo and Basista, all in the Province of Pangasinan.

The rate for the sale of electric light, heat and power shall always be subject to the regulation of the Public Service Commission.

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

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.

This Act shall take effect upon its approval.

Approved: June 22, 1963.