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The city shall have the right to cancel the franchise granted pursuant to this chapter 120 days after the appointment of a receiver or trustee to take over and conduct the business of the grantee, whether in receivership, reorganization, bankruptcy or other action or proceedings, unless such receivership or trusteeship shall have been vacated prior to the expiration of such 120 days or unless, within 120 days after being elected or appointed, such receiver or trustee shall have:
(A) Fully complied with all provisions of this chapter and remedied all defaults there under; and
(B) Executed an agreement, approved by the court having jurisdiction, whereby such receiver or trustee agrees to be bound by this chapter and the franchise granted to the grantee.
(2013 Code, § 8-7.5) (Ord. 14586, passed 4-13-1998)