Section 9
SEC. 9. The grantee, with the approval of the Congress of the Philippines first had, may sell, lease, grant, convey, assign, give in usufruct or transfer this franchise and all property and rights acquired thereunder to any individual, co-partnership, private, public or quasi-public association, corporation, or government stock company competent to operate the business hereby authorized but the transferee of the title to the franchise or any right or ownership or interest acquired under such sale, lease, grant, conveyance, assignment, gift in usufruct shall be firmly bound to comply with all the terms and conditions imposed upon the grantee by this franchise and by any all certificate of convenience and public necessity therefor issued by the Public Service Commission or its legal successor, and to accept the same subject to all existing terms and conditions.