Section 8
SEC. 8. The grantee, with the approval of the Congress of the Philippines first had, may sell, lease, grant, convey, assign, give in usufruct or transfer this franchise and all property and rights acquired thereunder to any individual, association or corporation competent to operate the business hereby authorized, but transfer of title to the franchise or any right of ownership or interest acquired under such sale, lease, grant, conveyance, assignment, gift in usufruct or transfer shall not be effective even after such approval shall have been obtained until there shall have been filed in the office of the Public Service Commission an agreement in writing by which the individual, association or corporation, in whose favor such sale, lease, grant, conveyance, assignment, gift in usufruct or transfer is made, shall be firmly bound to comply with all the terms and conditions imposed upon the grantee by this franchise and by any and all certificate of convenience and public necessity theretofore issued by the Public Service Commission and to accept the same subject to all existing terms and conditions.