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, equipment and rights acquired and operated thereunder to any qualified individual, association of persons or corporation competent to operate the business hereby authorized: Provided, however, That the grantee is hereby authorized to mortgage this franchise in favor of the Development Bank of the Philippines or any other government owned or controlled lending institution: And provided, further, That all properties or equipment used in the business are also mortgaged together with said franchise.