AN ACT
TO AMEND SECTION TWO (K) OF COMMONWEALTH ACT NUMBERED
ONE HUNDRED TWENTY, ENTITLED “AN ACT CREATING THE
NATIONAL POWER CORPORATION, PRESCRIBING ITS POWERS AND ACTIVITIES, APPROPRIATING
THE NECESSARY FUNDS THEREFOR, AND RESERVING THE UNAPPROPRIATED PUBLIC WATERS FOR
ITS USE,” AS AMENDED BY SECTION ONE OF REPUBLIC ACT
NUMBERED THREE HUNDRED FIFTY-EIGHT
SECTION 1.
Section two (k) of Commonwealth
Act Numbered One hundred and twenty, as amended by section one of
Republic Act Numbered Three hundred and fifty-eight, is
further amended to read as follows:
“(k) When essential to the proper administration of its
corporate affairs or necessary for the proper transaction of its business or to
carry out the purposes for which it was organized, to contract indebtedness and
issue bonds subject to the approval of the President of the Philippines upon the
recommendation of the National Economic Council.
The
total indebtedness of the Corporation,
of all classes, shall not at any time exceed five hundred million pesos, and the
issue of bonds shall be subject to the conditions set forth in section four of
this Act. All
projects to be financed with funds accruing from this increased indebtedness
shall be approved by the National Economic
Council: Provided,
however, That in distributing and allocating the output produced by the
National Power Corporation, the needs
and requirements of the different users thereof whether for public utility,
industrial or otherwise should be taken into account and a just and equitable
distribution and allocation thereof should be made, giving preference to the
need of the adjacent areas:
And
provided, further, That areas traversed by transmission lines shall be
allocated electricity proportionate to the needs of the areas.”
SEC. 2.
This Act shall take effect upon its approval.
Approved, September 8, 1955
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