Section 18
SEC. 18. The grantee shall not lease, transfer, grant the ; usufruct of, sell or assign this franchise nor the rights and privileges acquired thereunder to any person, firm, company or 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 National Assembly first had. Any corporation to which this franchise may be sold, transferred, or assigned, shall be subject to the corporation laws of the Philippines, 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, restriction, 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.