(A) A franchise shall not be sold, assigned, or transferred, either in whole or in part, or leased or sublet, nor shall title thereto, either legal or equitable, or any right, interest, or property therein, pass to or vest in any person without the prior written consent of the Town Council. Consent shall not be withheld unreasonably. However, no consent shall be required prior to any form of hypothecation.
(B) The proposed assignee must show technical ability, financial capability, legal qualifications, and general character qualifications, as determined by the Town Council, and must agree to comply with all provisions of this chapter, the franchise agreement, and any additional conditions as may be prescribed by the Town Council. The Town Council shall be deemed to have consented to a proposed transfer of assignment in the event that a denial of its consent is not communicated in writing to the grantee within 120 days following the town government’s receipt of written notice of the proposed transfer of assignment and any other information required by FCC regulations.
(C) In no event shall a transfer of ownership or control be approved without the successor in interest becoming a signatory to the franchise agreement.
(2011 Code, § 111.125) (Ord. 2000-4, passed 7-17-2000) Penalty, see § 111.999