Question & AnswerQ&A (Republic Act No. 10370)
The main purpose of the National Power Corporation is to undertake the development of water for hydroelectric power and the production of power from other sources, as well as other specified purposes in the Act.
Republic Act No. 2058 amended Section 1 of Commonwealth Act No. 120 by fixing the period of existence of the National Power Corporation until December 31, 2000, with provisions for continued existence for liquidation purposes if not extended.
The existence of the National Power Corporation is fixed until December 31, 2000, unless extended anew.
If its corporate life is not extended, the National Power Corporation shall continue thereafter as a corporate body for the purpose of liquidation.
The term 'Corporation' refers to the National Power Corporation, and the term 'Board' refers to the National Board created by the Act.
Yes, it repeals all laws or provisions of laws and executive orders contrary to the provisions of this Act.
This Act took effect upon its approval on June 13, 1958.
Fixing the corporate existence period allows for legal certainty about the lifespan and operational duration of the Corporation, including provisions for eventual liquidation if not extended.
The Corporation was empowered to develop water resources for hydroelectric power and produce power from other sources, as well as conduct activities as specified in the Act.
The extension of the corporate life would require a new legislative act by Congress or appropriate governmental authority.