All of the rights and privileges and all of the obligations, duties and liabilities created by a franchise shall pass to and be binding upon the successors of the City and the successors and assigns of a Grantee; and the same shall not be assigned or transferred without the written approval of the City Council, which approval shall not be unreasonably withheld. This section shall not prevent the hypothecation of a franchise by a Grantee as security for debt without such approval. Further, transfers or assignments of a franchise between any parent and subsidiary corporation or between entities of which at least five percent of the beneficial ownership is held by the same person, persons or entities shall be permitted without the prior approval of the City Council.
(Res. 96-355. Passed 6-24-96.)