Abolition of Northern Foods Corporation

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MEMORANDUM ORDER NO. 58: Abolition of Northern Foods Corporation

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Title Source: Supreme Court: Franchise for electric power system in Masbate

Law: Republic Act No. 407

Decision Date: Jun 18, 1949

Republic Act No. 407 grants Nilda E. Martinez a 25-year franchise to construct and operate an electric power system in Masbate, Masbate, subject to certain conditions and the possibility of government takeover.

Conditions on Government Operation

The Act explicitly reserves the right of the Government to take over the electric system.
If the Government chooses to operate and maintain the plant and enterprise, the grantee (Nilda E. Martinez) must surrender the franchise.
All serviceable equipment must be turned over to the Government at cost.

Effectivity of the Act

The law takes effect immediately upon its approval.
The approval date is June 18, 1949.

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