(a) Transfer of franchise. No franchise granted hereunder shall be sold, transferred, leased, assigned or disposed of, including but not limited to, by force or voluntary sale, merger, consolidation, receivership or other means without the prior consent of the town, and then only under such reasonable conditions as the town may establish which may include but not be limited to financial guarantees to the cable system.
(b) Transfer threshold. The franchisee shall promptly notify the town of any actual or proposed change in, or transfer of, or acquisition by any other party of, control of the franchisee.
(c) Town approval. Every change, transfer, or acquisition of control of the franchisee shall make the franchise subject to cancellation unless and until the town shall have consented thereto. For the purpose of determining whether it shall consent to such change, transfer, or acquisition of control, the town may inquire into the legal, financial, character, technical, and other public interest qualifications of the prospective transferee or controlling party, and the franchisee shall assist the town in obtaining all required information. Failure to provide all reasonable information requested by the town as part of said inquiry shall be grounds for denial of the proposed change transfer or acquisition of control.
(d) Signatory requirement. Any approval by the town of transfer of ownership shall be contingent upon the prospective assignee becoming a signatory to the franchise.
(Ord. 94-05, passed 12-14-94)