(A) The franchise granted in this chapter shall, at the option of the City Council, cease and terminate 120 days after the appointment of a receiver or trustee to take over and conduct the business of the franchisee, whether in a receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of 120 days or unless:
(1) Such receiver or trustee shall have, within 120 days after their election or appointment, fully complied with all the terms and provisions of this chapter and the franchise granted pursuant to this chapter, and the receiver or trustee within such 120 days shall have remedied all defaults under the franchise; and
(2) Such receiver or trustee shall, within such 120 days, execute 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 term, provision and limitation of the franchise granted in this chapter.
(B) In the case of a foreclosure or other judicial sale of the plant, property and equipment of the franchisee or any part thereof, including or excluding the franchise, the City Council may serve notice of termination upon the franchisee and the successful bidder at such sale, in which event the franchise granted in this chapter and all rights and privileges of the franchisee under this chapter shall cease and terminate 30 days after service of such notice, unless:
(1) The City Council shall have approved the transfer of the franchise, as and in the manner in this chapter provided; and
(2) Such successful bidder shall have covenanted and agreed with the city to assume and be bound by all the terms and conditions of the franchise.
(1993 Code, § 18-74)