Section 1Sec./Art. 1

Nature and Scope of Franchise. - The term and franchise granted to Davao Light and Power Company under Act Numbered Thirty-seven hundred and sixty, as extended by the National Electrification Commission in its Resolution No. 134, and the existing franchise as granted by the National Electrification Commission pursuant to its Resolution No. 135 and Decision in Case No. 77-18, is hereby further extended, under the same terms and conditions therein provided and subject to the provisions of the Constitution and Act Numbered Thirty-six hundred and thirty-six, as amended by Commonwealth Act Numbered One hundred and thirty-two, for a period of twenty-five (25) years from the date of effectivity of this Act: Provided, That all rights, privileges, benefits and exemptions accorded to existing and future private electric utilities in the country by their respective franchises shall likewise be extended to the grantee.