(A) No privileges or exemptions are granted or conferred by this chapter, except those specifically prescribed in it. The franchise granted by this chapter shall be subordinate to any existing lawful public use or any existing franchise or lawful occupancy of any public highway, street, road, or other public property for the purpose of erecting, operating, and maintaining poles, lines, conduits, cables, gas pipelines, and other necessary fixtures used in connection with the purpose of existing franchises or any extension of them if such use, franchise, or occupancy would be frustrated by the grantee's proposed exercise of the rights granted to it by the franchise.
(B) No franchise granted by this chapter may be sold, transferred, leased, assigned, or disposed of as a whole, or in part, or otherwise without the prior consent of the city expressed in writing, and then only under such conditions as may be prescribed in the consenting agreement; provided, however, the city shall not unreasonably withhold consent; and provided, further, no such consent shall be required for any transfer in trust, mortgage, or other hypothecation, as a whole, to secure an indebtedness.
(C) In the event the grantee is a corporation, prior approval of the Council, which shall not be unreasonably withheld, shall be required where the ownership or control of more than 30% of the voting stock of the grantee is proposed to be acquired by a person or group of persons acting in concert, none of whom already own or control 30% or more of the voting stock, singularly or collectively. Further, any acquisition of stock or equity to increase total ownership to an amount of 30% or greater by a person or group of persons acting in concert shall similarly require Council approval. Any such acquisition occurring without the prior approval of the Council shall constitute a failure to comply with a provision of this chapter.
('66 Code, § 5-5.06) (Ord. 590-C-S, passed 9-11-84) Penalty, see §§ 1-2.01 et seq.