Section 1
SECTION 1. Section one of Act Numbered Thirty-four hundred ninety-nine, as transferred to the Visayan Electric Co., Inc., under Republic Act Numbered Thirty-two hundred thirty four, is hereby amended to read as follows: "SECTION 1 There is hereby granted to the Visayan Electric Co., Inc., a corporation duly organized under the laws of the Philippines, wit headquarters in the City of Cebu, Philippines, for a period of twenty-five years from the date of the expiration of the period granted under Act Numbered Thirty-four hundred ninety-nine. the right, privilege, and authority to construct, operate and maintain in, along and over the public streets, thoroughfares and places of the cities of Cebu, and Mandawe and the municipalities of Talisay, Minglanilla, Naga, San Fernando, Consolacion and Lilo-an, Province of Cebu, poles, wires, and other necessary apparatus and appurtenances for the transmission and distribution of electric current for electric power, heat and light and for any other use to which electricity may be applied, and to furnish electric power, heat and light within the limits of the said cities and municipalities, for domestic and industrial use and for any other use to which electricity may be put, and to charge and collect a schedule of prices and conventional rates for such electric power, heat and light: PROVIDED, that said rate and prices shall be subject to regulation by the Public Service Commission or its successor,"