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 the Jopane Ferry for a period of twenty-five years from the approval of this Act, the right, privilege and authority to establish, maintain and operate a ferry service for passengers, freight and vehicles from any point in the Subprovince of Camiguin to the Municipality of Balingo-an in the Province of Misamis Oriental and the cities of Gingoog and Cagayan de Oro and vice versa between any other focal points of trade and transhipment, 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 two years from the date of the approval of this Act, files with the Public Service Commission its acceptance of the terms and conditions stipulated in this Act.