Section 14
SEC. 14. The grantees may transfer, sell, or assign this franchise to the Automatic Telephone Construction Company, formed and organized under the laws of the State of California, and such company shall have the right to buy and to own said franchise, but the grantees shall not transfer, sell, or assign this franchise to any other person, firm, company, corporation, or other commercial or legal entity without the written approval of the Governor-General first had. Any corporation to which this franchise is sold, transferred, or assigned shall be subject to the corporation laws of the Philippine Islands, 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 assigned 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 said persons, firm, company, corporation, or other commercial or legal entity. Unless otherwise authorized by the Governor-General, the person, firm, company, corporation, or other commercial or legal entity to which this franchise may be transferred, sold, or assigned shall operate the automatic telephone system in the city of Manila during the life and under the terms of this franchise, and the property of the person, firm, company, corporation, or other commercial or legal entity concerned shall be security for the carrying out of the terms of this section and of this franchise; and for the failure to operate the automatic telephone system in the city of Manila in accordance with the terms of this franchise, and for the period for which this franchise is granted, all property of the grantees, or their successors or assigns, in the city of Manila shall become the property of the Government of the Philippine Islands as liquidated damages.