Section 4Sec./Art. 4

Section 11 of Republic Act No. 9773 is hereby amended as follows:

"Section 11.Nontransferability of Franchise. -The grantee shall not lease, transfer, grant the usufruct of, sell nor assign this franchise or the rights and privileges acquired thereunder to any person, firm, company, corporation or other commercial or legal entity, not merge with any other corporation or entity, nor shall the controlling interest of the grantee be transferred, whether as a whole or in parts, whether simultaneously or contemporaneously, to any such persons, firm, company, corporation or entity without prior approval of the Congress of the Philippines.

"Congress shall be informed of any sale, lease, transfer, grant of usufruct, or assignment of franchise, or the rights and privileges acquired thereunder, or the merger or transfer of the controlling interest of the grantee within sixty (60) days after the completion of the said transaction. Failure to report to Congress such change of ownership shall render the franchiseipso factorevoked.

"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."