Section 10Sec./Art. 10

The present Section 11 of Republic Act No. 8169 is hereby renumbered as Section 12 and is amended to read as follows:

"Section 12.

Sale, Lease, Transfer, Usufruct. - The grantee shall not lease, transfer, grant the usufruct of, sell or assign this franchise nor the right and privileges acquired there under to any person, firm, company, corporation or other commercial or legal entity, nor merge with any other corporation or entity, nor shall the controlling interest of the grantee be transferred, 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 the foregoing limitations shall not apply to: (1) any issuance of shares to any investor pursuant to or in connection with any increase in the grantee's authorized capital stock which shall result in the dilution of the stockholdings of the grantee's then existing stockholders; (2) any sale, transfer or assignment by the stockholders of the grantee in favor of a holding company whose stockholders are identical to the stockholders of the grantee.

Any person or entity to which this franchise is validly sold, transferred or assigned shall be subject to the same conditions, terms, restrictions and limitations of this Act."