The term of the franchise, and all rights, privileges, obligations and restrictions pertaining thereto, shall be 15 years from the effective date of the franchise, unless terminated sooner as provided in this chapter. The effective date of the franchise ordinance shall be upon its final passage by the grantor, unless the grantee fails to file, within fifteen (15) days after the date of final passage, in the appropriate office of the grantor, a written acceptance of the franchise, in which event the franchise shall be null and void.
('65 Code, § 7-8.404) (Ord. 244-C.S., passed - - ; Am. Ord. 494-C.S, passed 1-19-99)