Section 12
SEC. 12. The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise, nor the rights or privileges acquired thereunder to any person, natural or juridical, nor merge with any other person, without the approval of the Congress of the Philippines first had. Any person, natural or juridical, to which this franchise may be sold, transferred or assigned, shall be subject to the corporation laws of the Philippines now existing or hereafter enacted, and any person to which this franchise is sold, transferred or assigned shall be subject to all conditions, terms, restrictions and limitations of this franchise as fully and completely and to the same extent as if the franchise had been originally granted to such person: Provided, That in case of any national emergency affecting and endangering the public safety and order, the Republic of the Philippines shall have the right to take possession of the electric light system, as provided in this Act, and operate the same until such emergency shall have passed.