The right to purchase as prescribed by Section 5.28.550 of this chapter, may be exercised by the cable television commission for public ownership and use by the commission, in behalf of a third party, or by any party to whom the commission may assign the right. The commission shall have the right to assign the right to purchase to any third party at any time prior to payment for the purchase and transfer of titles. Written notice of any such assignment shall be mailed to the franchisee. Such an assignee shall, subsequent to the date of assignment, be vested with any and all discretion respecting purchase which is vested in the board of directors of the commission. (Prior code § 20.03.244)