(A) If the company shall fail to comply with any of the provisions of this agreement, or default in any of its obligations hereunder, except for causes beyond the reasonable control of the company, the town shall have the right to cancel the franchise if, after 60 days written notice, such failure or default has not been corrected, and thereafter all rights of the company hereunder and the franchise shall become null and void, without further liability on the part of the company. In the event the company shall be adjudged bankrupt or placed in receivership, the town may declare the rights herein granted forfeited and terminated.
(B) Should the company fail to begin and complete service within a reasonable time, after grant of the franchise, the town may revoke the franchise, and any contractual obligation therein, by serving a 30- day written notice of its action to the company, served in its office in the county or its designated agent in this state, at the office of the Secretary of State. A reasonable time shall be understood by and between the parties to be 18 months.
('82 Code, § 25-36-1-1(g)) (Ord. passed 1-22-80)