(A) Upon the foreclosure or other judicial sale of all or a substantial part of the system, or upon the termination of any lease covering all or a substantial part of the system, the franchisee shall notify the Board of Alderpersons of the fact. The notification shall be treated as a notification that a transfer in control of the franchise has taken place and the provisions of § 110.027 of this chapter governing the consent of the Board of Alderpersons to the change in control of the franchise shall apply.
(B) The Board of Alderpersons shall have the right to cancel the franchise 120 days after the appointment of a receiver or trustee, to take over and conduct the business of the company, whether in receivership, reorganization, bankruptcy or other action or proceeding, unless the receivership or trusteeship shall have vacated prior to the expiration of the 120 days, or unless:
(1) Within 120 days after his or her election or appointment, the receiver or trustee shall have fully complied with all the provisions of this chapter and remedied all defaults hereunder; and
(2) The receiver or trustee, within the 120 days, shall have executed an agreement, duly approved by the court having jurisdiction in the premises, whereby the receiver or trustee assumes and agrees to be bound by each and every provision of this chapter and the certificate granted to the company.
(Prior Code, § 4.1-10) (Ord. passed 9-19-1979)