Section 1
SECTION 1. The "Panay Telephone and Telegraph Company," at present operating on the island of Panay, is hereby authorized to extend its telephone lines to the surrounding islands, and to lay, maintain, and operate telephone cables in the adjacent waters for the purpose of making connection with the telephone lines on the surrounding islands, subject to the same conditions as set forth in its present franchise, for the unexpired portion of said franchise: Provided, however, That ten years after this Act takes effect, the Government of the Philippine Islands shall have the right to purchase the telephone system and all it; equipment and appurtenances, as herein provided, at a price equivalent to the actual value thereof as shown on the books of the company on the date of the purchase: Provided, further, That in case of any national emergency affecting and compromising the public order and safety, the Government of the Philippine Islands shall have the right to take possession of the telephone system provided for in this Act, and to operate the same until the termination of such emergency: Provided, finally, That the franchise hereby granted shall be no bar to the granting of a similar franchise to other persons, companies or corporations.