(A) The franchise shall not be assigned or transferred, either in whole or in part, or leased, sublet, or mortgaged in any manner, nor shall title thereto, either legal or equitable or any right, interest or property therein, pass to or vest in any person without the prior written consent of the Cable Board. The company may, however, transfer or assign the franchise to a wholly owned subsidiary of the company and such subsidiary may transfer or assign the franchise back to the company without such consent. The proposed assignee must show financial responsibility as determined by the Board and must agree to comply with all provisions of the franchise. The Board shall be deemed to have consented to a proposed transfer or assignment in the event its refusal to consent is not communicated in writing to the company within 60 days following receipt of written notice of the proposed transfer or assignment.
(B) The company shall promptly notify the Board of any actual or proposed change in, or transfer of, or acquisition by any other party of control of the company. The word “control” as used herein is not limited to major stockholders but includes actual working control in whatever manner exercised. A rebuttable presumption that a transfer of control has occurred shall arise upon the acquisition or accumulation by any person or group of persons of 10% of the voting shares of the company. Every change, transfer, or acquisition of control of the company shall make the franchise subject to cancellation unless and until the Board shall have consented thereto, which consent will not be unreasonably withheld. For the purpose of determining whether it shall consent to such change, transfer, or acquisition of control, the Board may inquire into the qualification of the prospective controlling party, and the company shall assist the Board in any such inquiry.
(C) The consent or approval of the Board to any transfer of the company shall not constitute a waiver or release of the rights of the county in and to the streets, and any transfer shall by its terms, be expressly subordinate to the terms and conditions of the franchise.
(D) In the absence of extraordinary circumstances, the Board will not approve any transfer or assignment of the franchise prior to substantial completion of construction of the proposed system.
(E) In no event shall a transfer of ownership or control be approved without the successor in interest becoming a signatory to the franchise agreement.
(Ord. 450.1, passed 12-4-80)