Section 6December 1, 2008, Sec./Art. 6

Sale, Lease, Transfer, Usufruct, etc. - The Grantee shall not lease, transfer grant the usufruct of or sell this franchise or the rights and privileges acquired hreunder to any person, firm, company or other commercial or legal entity, nor merge with any other company, nor shall the controlling interest of the Grantee be transferred whether in whole or in part, and whether simultaneously or contemporaneously, to any person, firm, company or entity without the prior approval of the Congress of the Philippines: Provided, That the foregoing limitation shall not apply to any transfer or issuance of shares of stock in the implementation of the requirement for the Grantee's dispersal of ownership pursuant to Section 8 of this Act; or to any issuance of shares to any foreign or local investors pursuant to or in connection with any increase in the Grantee's authorized capital stock which results in the dilution of the stockholdings of the Grantee's then existing stockholders: Provided, moreover, That the foregoing limitations shall not apply to any transfer, sale or issuance of share of stock at the level of corporate stockholders of the Grantee's: Provided, furthermore, That the foregoing limitations shall not apply in case of assignment or transfer of the operation of any of its related business such as, but not limited to, telecommunications business to another entity; Provided, however, That any such transfer, sale or issuance at the level of the corporate stockholders of the Grantee is in accordance with applicable constitutional limitations: Provided, finally, That any person or entity to which such shares are sold, transferred or assigned under this Act shall be subject to the same conditions, terms, restrictions and limitations of this Act.