No contractor shall sell or otherwise transfer his or her CATV system to another without reporting such sale to the Clerk Treasurer, and obtaining the approval of the City Council of such transfer. Such approval shall not be unreasonably withheld, but the proposed transferee may be required to submit such financial information as shall establish his or her ability to maintain and operate the system in accordance with the provisions hereof. For purposes of this section, the transfer of 30% or more of the corporate stock of any contractor shall be deemed to be a transfer hereunder.
(1990 Code, § 25.017) (Ord. 60, passed 8-14-1984) Penalty, see § 114.99