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” AND FOR OTHER PURPOSES
SECTION 1.
Section two (k) of Commonwealth
Act Numbered One hundred twenty is 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 Secretary of Finance.
The
total indebtedness of the Corporation,
of all classes, shall not at any time exceed one hundred seventy million five
hundred thousand pesos, and the issue of bonds shall be subject to the
conditions set forth in section four of this Act.”
SEC. 2.
To facilitate payment of its indebtedness, the
National Power Corporation shall be
exempt from all taxes, duties, fees, imposts, charges, and restrictions of the
Republic of the Philippines, its provinces, cities and municipalities.
SEC. 3.
This Act shall take effect upon its approval.
Approved, June 4, 1949
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