SECTION 1. Sections one, two and four of Republic Act Numbered Thirty hundred and fourteen are hereby amended to read as follows:
"SECTION 1. Subject to the terms and conditions established in Act Numbered Thirty-six hundred and thirty-six, as amended by Commonwealth Act Numbered One hundred and thirty-two, and to the provisions of the Constitution, there is granted to Romulo V. Ramos, for a period of fifty years from the approval of this Act, the right, privilege, and authority to construct, maintain and operate an electric light, heat and power system for the purpose of generating and distributing electric light, heat and/or power for sale within the municipalities of Sta. Cruz, Digos, Bansalan, Padada, Malalag, Hagonoy and Lower Montano, all in Davao province. The grantee shall further have the right and privilege to install, lay and maintain on all streets, public thoroughfares, bridges and public places within said limits, poles, wires, transformers, capacitors, overhead protective devices, and pole line hardware, and other hardware, and other equipments necessary for the safe distribution of electric current to the public.
"SEC. 2. In the event that the grantee shall purchase and secure from the National Power Corporation electric light and power, the National Power Corporation is hereby authorized to negotiate and transact for the benefit and in behalf of the public consumers with reference to rates In case the National Power Corporation shall have established its lines in the areas adjacent to or over the territories covered by this franchise, the National Power Corporation may make available its light, heat and power only after negotiation with and through the grantee, Romulo V. Ramos, or the corporation to which he is empowered to soil or assign this franchise or with the authority and consent of the grantee.
"SEC. 4. In consideration of the franchise and rights hereby granted, the grantee shall pay into the Treasury of the Philippines a franchise tax equal to two per centum of the gross earnings for electric current sold under this franchise. Provision of laws to the contrary notwithstanding, the franchise tax equal to two per centum of the gross earnings of the grantee as provided for in the original franchise granted by the Municipality of Santa Cruz, Province of Davao, shall be respected. Effective upon the date the original franchise was granted, no other taxes of every name and nature—municipal, provincial or national, upon its capital stock, franchises, right of way, earnings, and all other property owned or operated by the grantee under this concession or franchise shall be levied or assessed on the herein grantee or the corporation to which he is empowered to sell or assign this franchise, except the franchise tax of two per centum of the gross earnings mentioned in the said original franchises."