Section 1Sec./Art. 1

Nature and Scope of Franchise. – Subject to the provisions of the Constitution and the applicable laws, rules and regulations, there is hereby granted to Fil-Asia Racing Club, hereunder referred to as the grantee, its successors or assigns, a franchise to construct, establish, operate and maintain one racetrack in the Province of Rizal, or Tarlac or Pampanga or Batangas or Quezon City, establish such branches thereof for booking purposes anywhere in the country, and hold or conduct horse races therein with bettings on the results of races, either directly or by means of mechanical, electrical, and/or computerized totalizator, and to do and carry out all such acts, deeds and things as may be necessary to give effect to the foregoing.