(A) No transfer of control of a CATV system shall take place, whether by force of attachment, merger, or any other form of disposition, without prior notice to and approval of the town. The notice shall include full identifying particulars of the proposed transaction, and the town shall act by resolution. The town shall have 60 days within which to approve or disapprove a transfer of control; if no action is taken within 60 days, approval shall be deemed to have been given.
(B) Notice of transfer, together with copies of all documents pertaining thereto, shall be filed in writing with the Town Clerk at least 30 days prior thereto and is expressly conditioned upon full compliance with the terms of the franchise issued and this chapter. The transferee shall agree in writing to comply with all provisions and requirements the town may require.
(C) For the purpose of this section the term CONTROL is not limited to majority stock ownership, but includes actual working control in whatever manner exercised. A rebuttable presumption that a transfer of control has occurred shall arise upon the acquisition or accumulation by any person or group of persons to 10% of the voting shares of the grantee.
(D) In the absence of extraordinary circum- stances, the town will not approve any transfer, assignment, or renewal of the franchise before completion of initial construction of the energized system or within the first two years of operation thereafter.
(Ord. passed 7-21-86)