The Council shall have the right to cancel the franchise 120 days after the appointment of a receiver or trustee to take over and conduct the business of the grantee, whether in receivership, reorganization, bankruptcy, or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said 120 days or unless:
(a) Within 120 days after his or her election or appointment, such receiver shall have fully complied with all the provisions of this chapter and remedied all defaults thereunder; and
(b) Such receiver or trustee, within said 120 days, shall have executed an agreement, duly approved by the court having jurisdiction in the premises, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this chapter and the franchise granted to the grantee.
(Ord. 16-80. Passed 5-20-80.)