Section 7
SEC. 7. The grantee, with the approval of the Congress of the Philippines first had, may sell, lease, grant, convey, assign, give in usufruct, or transfer the franchise and all property rights acquired thereunder to any individual, copartnership, private, public or quasi-public association, corporation, or joint stock company competent to operate the business hereby authorized, but transfer of title to the franchise or any right of ownership or interest acquired under such sale, lease, grant, conveyance, assignment, gift in usufruct, or transfer shall not be effective even after such approval shall have been obtained, until there shall 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 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 have the power, after a reasonable written notice the grantee and a hearing of the interested parties, to declare the forfeiture of this franchise and all rights inherent in the same, for failure on the part of the grantee to comply with] any of the terms and conditions hereof, unless such failure shall have been caused directly primarily by an act of God, force majeure, usurpation of rights, uprising, or 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. he remedy provided herein shall not be a bar to any other remedies provided by existing laws for the forfeiture of the franchise.