Section 2Sec./Art. 2

Section 15 ofRepublic Act No. 11212is hereby amended to read as follows:

"Section 15. 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 shall transfer the controlling interest of the Grantee, whether as a whole or in part, and whether simultaneously or contemporaneously, to any person, firm, company, corporation, or entity without the prior approval of the Congress of the Philippines and in compliance with legal requirements stipulated in other statutes:Provided, That, during the period before the dispersal of its ownership under Section 16, the Grantee shall notify Congress in writing of any sale, or transfer of its shares less than the controlling interest:Provided, further, That failure to report to Congress such change of ownership shall render the franchiseipso factorevoked:Provided, furthermore, That the limitations set forth in this section shall not apply to: (a) any transfer or issuance of shares of stock in the implementation of the requirement for the dispersal of the Grantee's ownership pursuant to Section 16 of thisAct; and (b) any sale, transfer, or assignment of shares of the Grantee in favor of an affiliate whose controlling interest is owned by the same parent corporation of the Grantee:Provided, finally, That any such transfer, sale, or issuance is in accordance with any applicable constitutional limitations.

"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 thisAct."