Section 15
SEC. 15. The grantee may transfer, sell or assign this franchise to any corporation formed, organized, or existing under the laws of the Philippine Islands or of any State or territory of the United States and such corporation shall have the right to buy and to own said franchise, but the grantee shall not sell, transfer, 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 may be sold, transfered, or assigned dhall be subject to all the conditions, terms, restrictions, and limitations of this franchise as fully, 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.