Section 12
SEC. 12. The grantee shall not lease, transfer, grant the usufruct of or sell this franchise or the rights or privileges acquired hereunder to any person, firm, company, corporation or other entity, nor merge with any other person, company or corporation organized for the same purpose without the approval first 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 hereafter enacted, and any person, firm, company, corporation or other 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 entity.