A. No Sale Allowed: A provider shall not sell, transfer, lease, assign, sublet or dispose of, in whole or in part, either by forced or involuntary sale, or by ordinary sale, consolidation or otherwise, a franchise or license granted pursuant to this chapter or any of the rights or privileges granted thereby, without the prior written consent of the town. This provision shall not apply to sales of property or equipment by a provider in the normal course of business. No consent from the town shall be required for a transfer in trust, mortgage or other instrument of hypothecation, in whole or in part, to secure an indebtedness, or for a pro forma transfer to a corporation, partnership or other entity controlling, controlled by or under common control with a provider.
B. Events Of Sale: The following events shall be deemed to be a sale, assignment or other transfer of the franchise or license requiring compliance with this section: 1) the sale, assignment or other transfer of all or a majority of a provider's assets to another person; 2) the sale, assignment or other transfer of capital stock or partnership, membership or other equity interests in a provider by one or more of its existing shareholders, partners, members or other equity owners so as to create a new controlling interest in a provider; 3) the issuance of additional capital stock or partnership, membership or other equity interest by a provider so as to create a new controlling interest in such a provider; and 4) the entry by a provider into an agreement with respect to the management or operation of such provider or its telecommunications system or open video system. The term "controlling interest", as used herein, means majority equity ownership of a provider.
C. Right Of First Refusal: In the event a provider wishes to sell its system or any part thereof, the town shall have a right of first refusal to purchase such system on the same terms and conditions offered to and acceptable to any other prospective buyer. The town shall have a period of not less than sixty (60) days from the receipt of notice of such terms and conditions to exercise this right of first refusal. (Ord. 1998-2, 4-9-1998)