Section 1
SECTION 1. Subject to the same conditions as established in Act Numbered Twenty-nine hundred and eighty-three, Esteban de la Rama is hereby authorized to transfer all rights and privileges to install, maintain, and operate an electric light, heat, and power plant in the municipalities of La Paz, Jaro, and Arevalo, Province of Iloilo, to the Panay Electric Company, a corporation duly organized under existing law. The new grantee to whom said franchise is transferred shall be subject to the terms and conditions prescribed by the said Act Numbered Twenty-nine hundred and eighty-three for the maintenance and operation of the plant and system, for the transmission and distribution of electric current, and to such reasonable rules relating thereto as the municipal councils of the municipalities named in the preceding section may promulgate.