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 acquire there under to any person, firm, company, corporation or other commercial or legal entity, nor merge with any other corporation or entity, nor shall the controlling interest of the grantee be transferred, whether whole or in parts and whether simultaneously or contemporaneously, to any such person firm, company, 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, shall be subject to the same conditions, terms, restrictions, and limitations of this Act.