SECTION 1. Sections one and fifteen of Republic Act Numbered Five hundred thirteen, as amended by Republic Act Numbered Nine hundred eighty-two, are further amended to read as follows:
"SECTION 1. There is hereby granted to the Republic broadcasting System, hereinafter referred to as the 'grantee,' a franchise for a period of twenty-five years from the approval of this Act to construct, maintain and operate commercially in the Philippines, at such places as the said grantee may select, subject to approval of the Secretary of Public Works and Communications, stations for radio television broadcasting: Provided, That the holder of the franchise herein granted shall start the operation of at least one radio broadcasting station or one television station within one and a half years from the approval of franchise. Failure to comply with this requirement may ipso facto cancel and void the franchise.
"SEC. 15. The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise or the rights and privileges acquired thereunder to any person, firm, company, corporation or other commercial or legal entity, nor merge with any other company or corporation organized for the same purpose, without the approval of the Congress of the Philippines first had. Any corporation to which this franchise may be sold, transferred, or assigned shall be subject to the corporation laws of the Philippines now existing or hereafter enacted, and any person, firm, company, corporation or other commercial or legal entity to which this franchise is sold, transferred or shall be subject to all the conditions, terms, restrictions and limitations of this franchise, as fully and completely and to the same extent as if the franchise had been originally granted to the said person, firm, company, corporation or other commercial or legal entity."