Section 8
SEC. 8. The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise nor the rights and privileges acquired hereunder to any person, firm, company, corporation or other commercial or legal entity, without the prior 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 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 or other commercial or legal entity.