(A) The franchise granted pursuant to this chapter, at the option of the grantor, shall cease and terminate 120 days after the appointment of a receiver or trustee to take over and conduct the business of the grantee, whether in a receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said 120 days or unless:
(1) Such receiver or trustee, within 120 days after its election or appointment, shall have fully complied with all the terms and provisions of this chapter and the franchise granted and the receiver or trustee within said 120 days shall have remedied all defaults under the franchise; and
(2) Such receiver or trustee, within said 120 days, shall execute an agreement, duly approved by the court having jurisdiction in the premises, whereby such receiver or trustee assumes and agrees to be bound by each and every term, provision and limitation of the franchise granted.
(B) In the case of a foreclosure or other judicial sale of the plant, property and equipment of the grantee, or any part thereof, including or excluding the franchise, the grantor may serve notice of termination upon the grantee and the successful bidder at such sale, in which event the franchise granted and all rights and privileges of the grantee pursuant to this chapter shall cease and terminate 30 days after the service of such notice, unless:
(1) The grantor shall have approved the transfer of the franchise as and in the manner provided in this chapter; and
(2) Such successful bidder shall have covenanted and agreed with the grantor to assume and be bound by all the terms and conditions of the franchise.
('65 Code, § 7-8.411) (Ord. 244-C.S., passed - - )