Section 2
SEC. 2. Section twenty-one of said Act is hereby amended by inserting at the end of said section the following proviso: "Provided, however, That with the approval of the President of the Philippines, the grantee may lease, transfer, grant the usufruct of, sell or assign, wholly or partially, this franchise and rights and privileges acquired thereunder to, or it may merge with, another corporation holding a franchise from this Government."