Section 3
SEC. 3. The said V. B. Flores Electric Light, Inc., shall neither lease, transfer, grant the usufruct of, sell or assign this franchise to any person, firm, company, corporation or other commercial or legal entity, nor merge with ant other company or corporation organized for the same purpose without first securing the approval of the Congress of the Philippines. Any corporation to which this franchise may be sold, transferred or assigned shall be subject to the corporation laws of the Philippines now existing or which may hereafter be enacted, 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, restrictions and limitations of the 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.