Section 1
SECTION 1. Subject to the conditions imposed by this Act, there is hereby granted to Mactan Ice and Cold Storage, hereinafter referred to as the grantee, for a period of twenty-five years a franchise for the construction, operation and maintenance of an ice and refrigeration plant at the City of Lapu-Lapu for the purpose of manufacturing and distributing ice in said city and its neighboring municipalities and also to all neighboring islands, as well as to accept for a fee the refrigeration and cold storage of such goods and foodstuffs requiring such service in the City of Lapu-Lapu: Provided, That the schedule of prices for the ice so produced and sold and the fees for refrigeration service shall at all times be subject to regulation by the Public Service Commission.