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

SECTION 1. Section one of Commonwealth Act Numbered One hundred twenty is amended so as to read as follows:

"SECTION 1. For the purpose of undertaking the development of water for hydroelectric power and the production of power from other sources and for other purposes specified in this Act, there is hereby created a public Corporation which shall be known as the 'National Power Corporation', and which shall exist until December thirty-one, twenty hundred. Unless its corporate life is extended anew, the corporation shall continue thereafter as a corporate body for such time as may be necessary for the purpose of liquidation. The words 'Corporation' and 'Board' appearing in this Act shall respectively refer to the National Power Corporation and the National Board, hereinafter created."

SEC. 2. All laws or provisions of laws and executive orders contrary to this Act are hereby repealed.

SEC. 3. This Act shall take effect upon its approval.

Approved, June 13, 1958.