Sale, Lease, Transfer, Usufruct, etc.
Section 12
SEC. 12. Sale, Lease, Transfer, Usufruct, etc. — The grantee shall not lease, transfer, grant the usufruct of, sell nor assign this franchise or the rights and privileges acquired thereunder nor transfer the control of ownership, to any person, firm, company, corporation or other commercial or legal entity, nor merge with any corporation or entity without the prior approval of the Congress of the Philippines. Any person or entity to which this franchise is sold, transferred, or assigned, or the control of ownership is transferred, shall be subject to all the same conditions, terms, restrictions, and limitations of this Act.