Section 2
SECTION 2. Notwithstanding any provision of existing laws to the contrary, including Republic Act No. 6395, as amended, the President may for the purposes hereof, authorize the Nations lower Corporation to set such rates and other terms and conditions, as may be determined by the President, for power contracts with aluminum smelters; or authorize the National Development Company, either alone or in joint venture with the National lower Corporation, to establish a separate corporation which shall supply the power requirements of aluminum smelters under such rates and other terms and conditions determined by the President.