Section 21Sec./Art. 21

The grantee shall not, without the prior approval of the Congress of the Philippines, lease, transfer, grant the usufruct of, sell, or assign this franchise nor the rights and privileges acquired thereunder to any person, firm, company, corporation, or any other commercial or legal entity, nor merge or consolidate with any other company or corporation organized for the same or any other purpose.

Any corporation to which this franchise may be sold, transferred or assigned or with which the grantee may merge or consolidate, with the approval from the above-mentioned, shall be subject to the corporation laws of the Philippines now existing or hereafter enacted, and any person, firm, company, corporation or other commercial or legal entity to which this franchise is validly sold, transferred or assigned or with which the grantee may merge or consolidate, shall be subject to all the conditions, terms, restrictions, and limitations of this franchise as fully and completely and to the same extent as if this franchise had been originally granted to such person, firm, company, corporation or other commercial or legal entity.