Section 2
SEC. 2. Section ten of the same Act is amended to read as follows: "SEC. 10. Subject to the terms and conditions prescribed in this Act, the sale, transfer and conveyance of this franchise and all the properties and rights acquired hereunder in favor of the Universal Telecommunications Service, Inc., hereinafter referred to as the grantee by Anastacio Morales is hereby authorized and approved: Provided, That the grantee shall not lease, transfer, grant the usufruct of, sell or 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 person, company, or corporation organized for the same purpose, without the approval of the Congress of the Philippines first had. 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 hereafter 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 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 the said person, firm, company, corporation or other commercial or legal entity."