Section 14Sec./Art. 14

Sale, Lease, Transfer, Usufruct, or Assignment of Franchise.- The grantee shall not sell, lease, transfer, grant the usufruct of, or assign this franchise or the rights and privileges acquired thereunder to any person, firm, company, corporation, or other commercial or legal entity, or merge with any other corporation, or entity, or shall transfer the controlling interest of the grantee, whether as a 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:Provided,That Congress shall be informed of any lease, transfer, granting the usufruct of, sale, or assignment of franchise or the rights and privileges acquired thereunder, or of the merger, or sale of the controlling interest within sixty (60) days after the completion of said transaction:Provided, further,That any such transfer, sale, or assignment is in accordance with the constitutional limitations:Provided, furthermore, That failure to report to Congress such change of ownership shall render the franchiseipso factorevoked:Provided, finally,That 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.