Section 7
SEC. 7. The grantee, with the prior approval of the Congress of the Philippines duly obtained, may sell, lease, grant, convey, assign, give in usufruct, or transfer the franchise and all property and rights acquired thereunder to any individual, co-partnership, private, public or quasi-public association, corporation, or joint stock company competent to operate the business hereby authorized by transfer of title to the franchise or any right of ownership or interest acquired under such sale, lease, grant, conveyance, assignment, or gift in usufruct. Such transfer shall not be effective after approval has been obtained unless there be filed in the Office of 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, 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 public necessity and convenience therefor issued by the Public Service Commission or its legal successor, and to accept the same subject to all existing terms and conditions. The Public Service Commission, or its legal successor, shall have the power, after a reasonable written notice to the grantee and a hearing of the interested parties, to declare the forfeiture of the franchise and all rights inherent therein for failure of the grantee to comply with any of the terms and conditions thereof, unless such fail-of God, force majeure, usurpation of rights, uprising, or ure shall have been caused directly or primarily by an act other cause beyond the grantee's control. Against such declaration of forfeiture by the Public Service Commission, or its legal successor, the grantee may apply for the remedies provided in sections thirty-four and thirty-six of Commonwealth Act Numbered One hundred and forty-six, as amended. The remedy provided therein shall not be a bar to any other remedies provided by existing laws for the forfeiture of the franchise.