Securing Approval of Congress in Case of Lease, Transfer, Merger, etc.
Section 8
SEC. 8. Securing Approval of Congress in Case of Lease, Transfer, Merger, etc. — The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise or the rights and privileges acquired hereunder to any person(s), firm, company, corporation or other commercial or legal entity, nor merge with any other person(s), company or corporation organized for the same purpose, without the approval of the Congress of the Philippines first obtained. Any corporation to which this franchise may be sold, transferred or assigned shall be subject to all 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 same person, firm or company.