AN ACT AMENDING REPUBLIC ACT NUMBERED TWENTY-THREE HUNDRED THIRTY-NINE

REPUBLIC ACT No. 2995

AN ACT AMENDING REPUBLIC ACT NUMBERED TWENTY-THREE HUNDRED THIRTY-NINE.

Section 1. Section one of Republic Act Numbered Twenty-three hundred thirty-nine is amended to read as follows:

"Sec. 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 the provisions of the Constitution, the term of the electric light, heat and power system franchise granted to J.V. House by Act Numbered Twenty-seven hundred, as amended, and later transferred to the Tacloban Electric Light and Ice Plants Co., Inc., in accordance with the provisions of the last mentioned Act, is extended for a period of twenty-five years from the date of expiration of the said franchise, but hereafter the Tacloban Electric Light and Ice Plants Co., Inc., shall be governed by the provisions of Act Numbered Thirty-six hundred thirty-six, as amended, and not by the provisions of Act Numbered Twenty-seven hundred, as amended, except the provisions of the latter Act regarding the franchise tax on gross earnings...

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Summary of Republic Act No. 2995

Extension of Electric Franchise
- The electric light, heat and power system franchise granted to J.V. House and later transferred to the Tacloban Electric Light and Ice Plants Co., Inc. is extended for a period of 25 years from the date of expiration of the said franchise. (Section 1)
- The Tacloban Electric Light and Ice Plants Co., Inc. shall be governed by the provisions of Act No. 3636, as amended, except for the provisions regarding the franchise tax on gross earnings, which shall continue to be in full force and effect. (Section 1)
- The franchise tax on gross earnings shall be in lieu of any and all taxes of any kind, nature or description, whether national, provincial, city or municipal. (Section 1)

Effectivity
- This Act shall take effect upon its approval. (Section 2)