Section 2
SEC. 2. Section eight of the form for electric light and power franchises is hereby amended so as to read as follows: "SEC. 8. The grantee shall not exercise any rights or privileges under this franchise, nor commence any construction thereunder, unless and until the grantee shall first file with the Public Service Commission within one hundred and twenty days from the date of the approval of this Act: "(1) His (its) written acceptance of the terms and provisions of this Act; "(2) His (its) written acceptance of the terms and conditions of the first certificate or certificates of necessity and convenience required by law for the granting of this franchise and issued by the Public Service Commission, of the form and character provided for in Act Numbered Three thousand one hundred and eight, as amended. "(3) A document or documents evidencing receipt by the Insular Treasurer, of the deposit or deposits required by law, of not less than one thousand pesos Philippine currency, or negotiable bonds approved by the Public Service Commission for each certificate of public necessity and convenience as an earnest of good faith and a guaranty that the grantee will complete the work within the period fixed by the Commission. "If the grantee shall not commence the furnishing of electric current in any municipality (or municipalities) referred to in any certificate or certificates of public necessity and convenience, obtained and filed as herein provided within such period as the Public Service Commission or its legal successor shall have fixed, unless prevented by act of God or force majeure, usurped or military power, martial law, riot, civil commotion or other cause beyond his (its) control, said Commission or its legal successor may in its discretion declare such certificate or certificates to be null and void, and the deposit or deposits made by the grantee forfeited to such municipality as liquidated damages and not as a penalty."