(A) The company shall not sell or otherwise transfer a franchise or any rights granted under this chapter to another without written notice and approval by the town and reasonable opportunity afforded the town to investigate whether the proposed transfer has the financial, legal, and technical ability to provide the services, facilities, and equipment necessary to carry out the cable operator's obligations under this franchise. The town will not withhold consent for the proposed transfer unless there are reasonable grounds for doing so.
(B) The company or assignee shall file with the town an instrument duly executed, reciting the fact of the sale or assignment, accepting the terms of this chapter and agreeing to perform all conditions thereof. The company shall have the right, without the consent of the town, to assign or transfer this franchise to a corporation owned by the company or to a limited partnership of which the company is a partner, general partner or affiliate. No consent by the Town Council shall be required for a transfer in trust, mortgage, or other financial instrument to secure an indebtedness of the cable system or company.
(Ord. 184, passed 10-10-88)