(A)   In the event the grantee shall be adjudicated bankrupt or placed in receivership or make an assignment for the benefit of its creditors, or any foreclosure of any mortgage or deed of trust upon its properties shall be commenced, or any other insolvency proceedings either voluntarily or involuntarily on the part of the grantee shall be commenced, the town may declare the franchise granted herein immediately terminated and in that event all of the rights; privileges and authority of the grantee shall immediately cease and terminate.
   (B)   In no event shall the franchise be considered an asset of the bankrupt estate or receivership.
(Prior Code, § O-I-15)