Section 8
SEC. 8. The grantee, upon prior approval of the Congress of the Philippines, may sell, lease, grant, convey, assign, give in usufruct, or transfer this franchise am all properties and rights acquired thereunder to any individual, co-partnership, private public or quasi-public association, corporation, or joint stock company qualified under the Constitution and 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 with the Public Service Commission or its legal successor an agreement in writing by which the individual, co-partnership, private, public or quasi-public association, corporation, or joint stock company, 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 certificates of convenience and public necessity heretofore issued the Public Service Commission or its legal successor, and to accept the same subject to all existing terms and conditions.