Section 15
SEC. 15. Subject to the approval of the Governor-General, the grantee may sell, transfer, or assign the franchise herein granted to a corporation formed or to be formed and organized in and under the laws of the Philippine Islands: Provided, That said corporation shall offer and place on sale in the Philippine Islands, to citizens of the Philippine Islands, at a price not exceeding par, twenty-five per centum of the stock of said corporation. The offer to sell said stock on said terms shall be duly advertised in the city of Manila, and shall remain open for six months after the date of such advertisement. After the expiration of that time, any unsold part of said stock may be sold free from such restrictions.