Section 2
SEC. 2. In case its interests be better served thereby, the municipality of Guinobatan is authorized to form a corporation under the provisions of the Corporation Law, whose purpose shall be the acquisition and operation of the electric plant referred to in the preceding section. The municipality of Guinobatan shall acquire an interest in the corporation so formed of not less than fifty-one per centum of the capital stock, and the remainder of the shares of stock shall be offered to other entities and private individuals at a price not below par: Provided, however, That in case an electric plant legally exists and operates in the locality at the time when the public electric light, heat, and power service is to be established, the municipality of Guinobatan, or the corporation formed by it for this purpose, shall acquire the existing electric plant at a price which shall in no case exceed the actual cost, upon approval of the Public Utility Commission or its legal successor.