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

SECTION 1. The title of Republic Act Numbered Forty-five hundred fifty is amended to read as follows:

"An Act granting Rural Electrification Corporation a franchise to construct, operate and maintain an ice plant and cold storage in the Municipality of Hagonoy and in any municipality within the Province of Davao del Sur."

SEC. 2. Section one of the same Act is hereby amended to read as follows:

"SECTION 1. Subject to the terms and conditions established in this Act and in Commonwealth Act Numbered One hundred forty-six, as amended, and to the provisions of the Constitution, Rural Electrification Corporation is hereby granted for a period of twenty-five years from the approval of this Act, the right, privilege and authority to construct, operate and maintain an ice plant and cold storage in the Municipality of Hagonoy and in any municipality within the Province of Davao del Sur, for the purpose of manufacturing ice for distribution and sale and for supplying cold storage in the municipalities in the Province of Davao del Sur and to charge and collect a schedule of prices and rates therefor, which schedule shall at all times be subject to regulation by the Public Service Commission or its legal successors."

SEC. 3. Section two of the same Act is amended to read as follows:

"SEC. 2. The grantee shall manufacture and supply ice up to the limit of the capacity of its plant, or plants."

SEC. 4. Section four of the same Act is amended to read as follows:

"SEC. 4. If the grantee shall not commence the construction of the said plants within three years from the approval of this Act, unless prevented by an act of God, or force majeure, martial law, riot, civil commotion, usurpation by a military power, or any other cause beyond the grantee's control, this franchise shall become null and void."

SEC. 5. Section seven of the same Act is amended to read as follows:

"SEC. 7. The grantee shall be liable to pay the same taxes, unless exempted therefrom, on its business, real estate, buildings and personal property, exclusive of this franchise, as other persons or corporations are now or hereafter may be required by law to pay."

SEC. 6. This Act shall take effect upon its approval.

Enacted without Executive approval, August 4, 1969.