Sec. 3. The grantee shall file a bond in the amount of fifty thousand pesos to guaranty full compliance and fulfillment of the conditions under which this franchise is granted.

Sec. 4. In the event of any competing individual, partnership or corporation receiving from the Congress a similar franchise in which there shall be any term or terms more favorable than those herein granted or tending to place the herein grantee at any disadvantage, then such term or terms shall, ipso facto, become a part of the terms hereof and shall operate equally in favor of the grantee as in the case of said competing individual, partnership or corporation.cralaw

Sec. 5. (a) The grantee shall be liable to pay the same taxes on its real estate, buildings, and personal property, exclusive of the franchise, as other persons or corporations are now or hereafter may be required by law to pay.
(b) The grantee shall further be liable to pay all other that may be imposed by the National Internal Revenue Code by reason of this franchise.

Sec. 6. In the event the Government should desire to maintain and operate for itself any or all of the stations herein authorized, the grantee shall turn over such station or stations to the Government with all the serviceable equipment therein, at cost, less reasonable depreciation.cralaw

Sec. 7. The grantee shall not require any previous censorship of any speech, play or other matter to be broadcast or shown from its stations; but if any such speech, play, or other matter should constitute a violation of the law or infringement of a private right, the grantee shall be free from any liability, civil or criminal, for such speech, play or other matter: Provided, That the grantee, during any broadcast, may cut off from ther the speech, play, or other matter being broadcast or shown if the tendency thereof is to propose and/or incite treason, rebellion or sedition, or the language used therein or the theme thereof is indecent or immoral."

Sec. 8. The grantee shall not 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 other commercial or legal entity, nor merge with any other company or corporation organized for the same purpose, without the previous approval of Congress of the Philippines. Any corporation to which this franchise is sold, transferred or assigned; 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 the franchise has been originally granted to the said person, firm, company, corporation of other commercial or legal entity.cralaw

Sec. 9. This Act shall take effect upon its approval.cralaw

Approved: June 16, 1956