Sale, Lease, Transfer, Usufruct, etc.
Section 13
SEC. 13. Sale, Lease, Transfer, Usufruct, etc. — The grantee shall not lease, transfer, grant the usufruct of, sell nor assign the franchise herein granted or the rights and privileges acquired there under to any person, firm, company, corporation or entity, nor merge with any corporation or entity, nor shall the controlling interest of the grantee be transferred, whether as a whole or in parts and whether simultaneously or contemporaneously, to any such person, firm, compare, corporation or entity without the prior approval of the Congress of the Philippines, except in pursuance of the dispersal of ownership requirements under Sections 14 and 15 of this Act. Any person or entity to which the franchise herein granted is sold, transferred; or assigned shall be subject to the same conditions, terms, restrictions and limitations of this Act.