Section 3
SEC. 3. Section five of the same Act is hereby amended to read as follows: "SEC. 5. In consideration of the franchise and rights hereby granted, the grantee shall pay a franchise tax equal to three per centum of the gross earnings for electric current and ice sold or cold storage supplied under this franchise of which two per centum shall accrue to the National Treasury and one per centum shall accrue to the Municipal Treasury of the municipalities in which he is supplying electric current to the public and. of the municipality or city where the ice plant and cold storage is located or installed under this franchise: Provided, That the said franchise tax of three per centum of the gross earning shall be due and payable quarterly and shall be in lieu of all taxes of any kind, nature or description, levied, established or collected by any authority whatsoever, municipal, provincial or national, now or in the future, on his poles, wires, insulators, switches, transformers and structures, installation, conductors and accessories, placed over and/or under all public properties, including public squares, on his franchise, rights, privileges, receipts, revenues and profits and on all properties owned, operated or imported by the grantee in connection with the operation and management of the rights and privileges granted by this franchise, from which taxes the grantee is hereby expressly exempted."