Section 16Sec./Art. 16

Dispersal of Ownership. In accordance with the constitutional provision to encourage public participation in the public utilities, the grantee shall offer at least thirty percentum (30%) of its outstanding capital stock or a higher percentage that may hereafter be provided by law in any securities exchange in the Philippines within ten (10) years from the commencement of its operations. The public offering shall comply with the rules and regulations of the Securities and Exchange Commission. Noncompliance therewith shall render the franchise ipso facto revoked.