Section 18Sec./Art. 18

Sale, Lease, Transfer, Grant of Usufruct, or Assignment of Franchise. - The grantee shall not sell, lease, transfer, grant the usufruct of, nor assign this franchise or the rights and privileges acquired thereunder to any person, firm, company, corporation or other commercial or legal entity, nor merge with any other corporation or entity, nor the controlling interest of the grantee be transferred, simultaneously or contemporaneously, to any such person, firm, company, corporation, or entity, without the prior approval of the Congress of the Philippines.

After such approval has been given, Congress shall be informed within sixty (60) days after the completion of any sale, lease, transfer, grant of usufruct, or assignment of franchise or the rights or privileges acquired thereunder or the merger, or transfer of the controlling interest of the grantee. Failure to report to Congress such change of ownership shall render the franchise ipso facto revoked. 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.