Commonwealth Act No. 120

: The act creates the National Power Corporation for the development of hydraulic power and the production of power from other sources.
: The Corporation has continuous succession, can prescribe by-laws, adopt a seal, sue and be sued, conduct surveys, take water from public sources, construct and operate power plants, sell electric power, and exercise eminent domain, among other powers.
: The Board is composed of five members appointed by the President of the Philippines with the consent of the Commission on Appointments of the National Assembly.
: Members hold office for a term of three years.
: Such acts are felonies punishable by a fine of up to five thousand pesos, imprisonment of up to two years, or both, plus civil liability for damages.
: All unappropriated public waters usable for water-power purposes are reserved for the Corporation.
: Yes, it may enter private property in the lawful performance of its duties, with indemnification for any actual damage caused.
: No, the rates set by the Corporation are not subject to revision by the Public Service Commission.
: The Commonwealth of the Philippines guarantees payment and will pay if the Corporation fails. The sums paid by the Commonwealth shall be refunded by the Corporation.