Section 55September 7, 2007, Sec./Art. 55

Equitable Division. - Upon the effectivity of this Act, the obligations, funds, assets and other properties of the present Province of Quezon, renamed Quezon del Norte, shall, as much as possible, be divided equitably between Quezon del Sur and Quezon del Norte. The President of the Philippines shall order such division upon the recommendation of the ad hoc committee which may avail of assistance from the Commission on Audit and other departments concerned.

The tax revenues from business enterprises principally located in one of the two provinces created herein but whose facilities or structures extend to the other such as, but not limited to, power generating plants shall be proportionally divided between the two provinces: Provided, That such enterprises shall not be subjected to a second tax in addition to what is already imposed by the province where they are principally located.