This Ordinance shall be in full force and effect, from and after its passage according to law, and upon receipt by the City of a general release from the Paris Cooperative Gas Association, Incorporated to which corporation the City heretofore granted a franchise to operate a gas system in said City; and the acceptance of the franchise herein granted by the Grantee, such acceptance to be in writing and filed with the Recorder of the City, and the execution of the agreement required by Section V of this Ordinance.