Section 12Sec./Art. 12

Dispersal of Ownership. In accordance with the constitutional provision to encourage public participation in public utilities, the grantee shall offer at least, thirty per centum (30%) or a higher percentage that may hereafter be provided by law of its outstanding capital stock in any securities exchange in the Philippines within five (5) years from the time it has achieved the status of a national broadcasting network. A "national broadcasting network" is hereby defined as one that operates three (3) or more radio and/or television stations. Noncompliance therewith shall render the franchise ipso facto revoked.