Section 1
SECTION 1. The assignment and transfer of the franchise granted to Cacho and Hidalgo by Act Numbered Thirty-seven hundred and seventy-six, entitled "An Act granting to Cacho and Hidalgo a franchise to install, operate, and maintain an electric light, heat and power plant in the municipalities of Pagsanjan and Lumban, Province of Laguna, Philippine Islands" and the property and rights acquired thereunder to the Francisco Cacho and Company, a partnership organized under the laws of the Philippines duly qualified to acquire the same, is hereby ratified and approved. The assignee shall file with the Office of the president of the Philippines an agreement in writing that it accepts and shall comply with all the existing terms and conditions of said franchise within thirty days after this Act becomes effective.