Transfer of Ownership and/or Operation to the Private Sector.
Section 10
SEC. 10. Transfer of Ownership and/or Operation to the Private Sector.—The provisions of this Decree and the by-laws as authorized to be adopted thereunder notwithstanding, the Board of Directors may, subject to approval by the President of the Philippines, transfer to private ownership and or operation the PNL and any or all its subsidiaries when it shall appear that undue competition is being posed by the PNL to private shipping companies.