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

SECTION 1. Subject to the terms and conditions established in Act Numbered Thirty-six hundred thirty-six, as amended by Commonwealth Act Numbered One hundred thirty-two,  and to the provisions of the Constitution there is granted to Jose B. Jaucian, 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 and/or obtain a power allocation from the National Power Corporation for the purpose of generating and  distributing electric light, heat and/or power for sale within the Municipality of Libmanan, Province of Camarines Sur.

SEC. 2. 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.

SEC. 3. 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 fair market value, less  reasonable  depreciation.

SEC. 4. This Act shall take effect upon its approval.

Approved, June 18, 1964.