(A) The rights granted under the license may not be transferred, assigned, sublet or subdivided in any way or through any mechanism, including a sale or lease of the cable system or a sale or change in the control of the licensee without the express prior permission of the town, except as otherwise provided under federal law.
(B) The word “transfer” as used herein means a transaction in which control of the licensee is transferred from one person or group of persons acting in concert with another person or another group of persons acting in concert. “Control” for purposes of this section shall mean majority voting control of the licensee; provided that, any financing arrangement, including but not limited to a mortgage or pledge, shall not be deemed a “transfer”.
(C) An entity which seeks approval of a proposed transfer shall file an application for approval of that transfer no later than 120 days prior to the proposed effective date of the transfer. In making a determination to approve or disprove the application, the town shall consider the legal, financial, technical or other qualifications of the proposed transferee to operate the cable system in the same manner required by the town for a renewal or new license.
(D) The town shall have 120 days following the submission of the application for transfer to render a decision. At the discretion of the Town Manager, the town shall conduct a public hearing (if necessary) and if the town does not render a decision within 120 days, the transfer shall be deemed approved.
(E) Approval by the town of a transfer of a license does not constitute a waiver or release of any of the rights of the town under this chapter or the license agreement.
(Prior Code, Ch. 18, Art. V, § 18-322) (Ord. 343-04, passed 6-21-2004; Ord. 366-05, passed 3-7-2005)