Section 11
SEC. 11. In case the grantee sells, conveys, leases, assigns or gives in usufruct this franchise to any association, corporation, or company, the assignee shall be forbidden to issue stock or bonds under this franchise except in exchange for actual cash or for property at a fair valuation equal to the par value of the stock or bonds issued and upon prior authority of the Public Service Commission. Nor shall said association, corporation, or company declare any stock or bond dividend.