Section 1
SECTION 1. Subject to the conditions established in this Act and the provisions of the Constitution and the Public Service Act, there is granted to Cesar T. Rosales, for a period of twenty-five years from the approval of this Act, the right, privilege and authority to establish, maintain and operate a hydrofoil and/or ship ferry service for passengers and freight linking the provinces and islands of Luzon, Marinduque, Mindoro, Masbate, Romblon, and Panay, and to establish a schedule of rates therefor, which shall at all times be subject to regulation by the Public Service Commission: Provided, That this franchise shall be null and void unless the grantee, within one year from the date of the approval of this Act, files with the Public Service Commission his acceptance of the terms and conditions stipulated in this Act.