Republic Acts1 min read
Section 12August 30, 1991, Sec./Art. 12
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Sale, Lease, Transfer, Assignment, Usufruct, etc – The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise and the rights and privileges acquired thereunder to any person, firm, company, corporation, or legal entity, nor shall the controlling interest in the grantee be transferred to any such private person, firm, company, corporation or entity without the prior approval of Congress.
Any person or entity to which this franchise is sold, transferred, or assigned shall be subject to all the conditions, terms, restrictions, and limitations of this Act.
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