§ 118.70 APPROVAL OF TRANSFER AND RIGHT OF ACQUISITION BY TOWN.
   (A)   At the expiration of a franchise, if it is not renewed, the Town may, in lawful manner and upon payment of fair market value determined on the basis of the system valued as a going concern exclusive of any value attributable to the franchise itself, lawfully obtain, purchase, condemn, acquire, take over and hold the system.
   (B)   Upon the revocation of a franchise, the Town may in lawful manner and upon the payment of an equitable price lawfully obtain, purchase, condemn, acquire, take over and hold the system.
(`83 Code, § 13-540)