SEC. 2, Section one of the same Act is hereby amended to read as follows:
"Section 1. Subject to the terms and conditions established in this Act and in Act Numbered Thirty-six hundred thirty-six, as amended by Commonwealth Act Numbered One hundred and thirty-two, and to the provisions of the Constitution, there is granted to Pedro V. Serranzana, hereinafter called the grantee, for a period of fifty years from the date of approval of this Act, the right, privilege and authority to install, maintain and operate electric light, heat and power system in the Municipalities of Baao, Iriga, Nabua, Bato and Sipocot, all in the Province of Camarines Sur, and to sell and distribute electric light, heat and power therein; and, subject to the provisions of Republic Act Numbered One hundred and forty-six as amended; only with respect to the fixing of rates, to construct, maintain and operate ice plant and cold storage in the Municipality of Sipocot, Province of Camarines Sur and the City of Naga, and to sell and distribute ice and supply cold storage therein and in the whole Province of Camarines Sur through suitable branches within said municipality, city and province; and to charge and collect a schedule of prices and rates for the electric light, heat and/or power, ice and cold storage so furnished or supplied, which schedule of prices and rates shall at all times be subject to regulations by the Public Service Commission.
"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 equipment necessary for the safe distribution of electric current to the public."
