The licensee shall not sell, transfer, assign, exchange or release, or permit the sale, transfer, assignment, exchange or release of more than 5% of the cumulative ownership of the system without prior written authorization from the town. For the purposes of this chapter, a merger or consolidation shall be deemed a transfer or assignment. Nothing in this chapter shall be deemed to prohibit a pledge or hypothecation or mortgage or similar instrument transferring conditional owner ship of the system’s assets to the lender or creditor in the ordinary course of business, unless such interests shall exceed 75% of the original cost or the fair market value, whichever is higher.
(Prior Code, § 14-1-11)