Section 12
SEC 12. The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise, to any person, firm, company, or corporation organized for the same purpose, without the approval of the Congress of the Philippines first had. Any corporation to which this franchise may be sold, transferred or assigned shall be subject to all the corporation laws of the Philippines now existing or hereafter enacted, and any person, firm, company, corporation of other commercial or legal entity to which this franchise is sold, transferred or assigned shall be subject to all 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.