(A)   Franchises renewal proceeding shall be conducted in compliance with procedures and standards set forth in federal law.  To the extent permitted by federal law, the grantor and a grantee may undertake informal proceedings for the purpose of renewing a franchise agreement.
   (B)   In the event that the term of a franchise agreement expires without the adoption of a new/replacement agreement, or a formal extension of the expired agreement, and negotiations for a renewal of a grantee's franchise agreement are being pursued by both the grantee and the Common Council, the provisions of this chapter and the franchise agreement shall continue to apply to the grantor and grantee.
(1980 Code, § 118.132)  (Ord. 1996-4, passed 4-9-1996)