Section 5
SEC. 5. The grantee, with the approval of the Congress of the Philippines first obtained, may sell, lease, grant convey, assign, give in usufruct, or transfer this franchise and all property and rights acquired thereunder to any individual, partnership, association, corporation or joint stock company competent to operate and maintain the business herein authorized. 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 the 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, corporation or other commercial or legal entity.