Section 11
SEC. 11. This franchise or concession is granted subject to amendment, alteration, or repeal by the Congress of the' United States or by the Legislature of the Philippine Islands and subject to the provisions of Act Numbered Twenty-three hundred and seven, as amended by Act Numbered Twenty-three hundred and sixty-two of the Philippine Legislature. No stock or bonds shall be issued by the h grantee, his successors or assigns, hereunder, except in exchange for actual cash, or for property at a fair valuation equal to the par value of the stock or bonds so issued, and said grantee, his successors or assigns, shall not declare any stock or bond dividend. No private property shall be, taken for any purpose under this franchise without just compensation paid or tendered therefore, and any authority to take and occupy land shall not authorize the taking, use or occupation of any land except such as is required for the actual necessary purposes for which this franchise is granted. All lands of rights of use and occupation of lands granted to the grantee, his successors or assigns, shall, upon the termination of this franchise or upon its revocation or repeal, revert to the Insular or the provincial or city government to which such lands or the right to use and occupy them belonged at the time the grant thereof or the right to use or occupy the same was conceded to the grantee, his successors or assign, and all property of the grantee, his successors or assigns, used in connections, with the franchise shall become the property of the Insular Government. The foregoing and all other terms and provisions of section seventy-four of the Act of Congress approved July first nineteen hundred and two, which are applicable to the grantees of franchises or concessions, or to their successors or assigns, are incorporated into and made a part hereof, with the same effect as if they were set forth herein at lenght.