Section 11Sec./Art. 11

Dispersed of Ownership. - Inaccordance with the constitutional provision to encourage public participation In public utilities, the grantee shall offer to Filipino citizens at least thirty percent (30%) or a higher percentage that may hereafter be provided bylaw of its outstanding capital stock in any securities exchange in the Philippines within five (5) yearsfrom,the commencement of its operations:Provided,That in cases where corporations operating public utilities as allowed by law. Noncompliance therewith shall render the franchiseipso factorevoked.