The grantee shall not sell, transfer, assign or lease the franchise or any part thereof, except with the consent of the City Council. Such sale, transfer, assignment or lease shall be made only by filing with the City Council a copy of the duly executed instrument of such sale, transfer, assignment or lease. If such duly executed instrument and such written request is not filed with the City Council before the expiration of 60 days after the effective date of such sale, transfer, assignment or lease, then, upon the expiration of such 60 days, the franchise shall be subject to forfeiture and the City Council may, without notice, by ordinance repeal the franchise.
('64 Code, § 10-19) (Ord. 168, passed 2-9-61) Penalty, see § 10.97