Section 5Sec./Art. 5

Except as provided in the immediately preceding section, the grantee or its subsidiary shall not lease, assign, sell or transfer the franchise or the rights and interest therein to any person, firm, corporation or entity without the prior approval of the Congress of the Philippines. Neither shall the controlling interest in the grantee be transferred, sold or assigned, whether as a whole or in parts and whether simultaneously or contemporaneously, to any such person, firm, corporation or entity without the prior approval of the Congress of the Philippines. Any person, firm, corporation or entity to which this franchise is validly sold, transferred or assigned shall be subject to the same terms, conditions, restrictions and limitations of this Act.