Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Reynaldo Lumber Company is hereby authorized and empowered to sell, transfer, or assign all the rights and privileges acquired by it under Republic Act Numbered Seven hundred ninety-four, entitled "An Act granting the Reynaldo Lumber Company, a temporary permit to construct, install, establish and operate private fixed point-to-point radio stations for the reception and transmission of radio communications within the Philippines," in favor of Cantilan Lumber Company, a corporation duly organized and registered under the laws of the Philippines: Provided, however, That the said vendee, transferee, or assignee shall be subject to all the terms and conditions, restrictions and limitations of the said permit as fully and completely and to the same extent as if the said permit had been originally granted to the said vendee, transferee or assignee.

SEC. 2. This Act shall take effect upon its approval.

Approved, June 19, 1965.