As herein recited, the city may acquire one or more businesses or projects, which may have an established name and product and wherein it is deemed desirable to retain said name; and in the event of such a situation a leasing-operating company of a project may have the right to form a subsidiary company, and as used herein and for the purposes hereof, the term "subsidiary company" shall be construed to mean a New Mexico corporation wherein the leasing-operating company of a project owns at least fifty one percent (51%) of the authorized capital stock of such subsidiary company, which shall become the leasing and operating company of the particular business so acquired, and in that event all of the terms and conditions of this chapter shall apply to the newly formed subsidiary company. (Ord. 310, 5-2-1960)