Nontransferability of Franchise.
Section 11
SEC. 11. Nontransferability of Franchise. – The grantee shall not lease, transfer, grant the usufruct of, sell nor 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 corporation or entity, nor shall the controlling interest of the grantee be transferred, whether as a whole or m parts and whether simultaneously or contemporaneously, to any such person, firm, company, corporation or entity without the prior approval of the Congress of the Philippines. The conditions, terms, restrictions and limitations set by this Act shall be imposed on any person or entity to which this franchise is sold, transferred or assigned.