Sale, Lease, Transfer, Grant of Usufruct, or Assignment of Franchise.
Section 10
SEC. 10. Sale, Lease, Transfer, Grant of Usufruct, or Assignment of Franchise. - Th grantee shall not sell, lease, transfer, grant the usufruct of, 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 the controlling interest of the grantee be transferred, simultaneously or contemporaneously, to any such person, firm, company, corporation, or entity without the prior approval of the Congress of the Philippines. Congress shall be informed of any sale, lease, transfer, grant of usufruct, or assignment of franchise or the rights and privilege acquired thereunder, or the merger or transfer of the controlling interest of the grantee, within sixty (60) days after the completion of said transaction. Failure to report to Congress such change of ownership shall render the franchise ipso facto revoked. Any person or entity to which this franchise is sold. transferred, or assigned shall be subject to the same conditions, terms, restrictions, and limitations of this Act.