(A) Upon the foreclosure or other judicial sale of all or a substantial part of the system, or upon the termination of any lease covering all or a substantial part of the system, the grantee shall notify the city of that fact, and the notification shall be treated as a notification that a change in control of the grantee has taken place, and the requirements of this chapter governing the consent of the City Council to the change in control of the grantee shall apply.
(B) The City Council shall have the right to cancel the franchise 120 days after the appointment of a receiver, or trustee, to take over and conduct the business of the grantee, whether in receivership, reorganization, bankruptcy, or other action or proceedings, unless the receivership or trusteeship shall have been vacated prior to the expiration of the 120 days, or unless:
(1) Within 120 days after his or her election or appointment, the receiver or trustee shall have fully complied with all the provisions of this chapter and remedied all defaults thereunder; and
(2) The receiver or trustee, within the 120 days shall have executed an agreement, duly approved by the court having jurisdiction in the matter, whereby the receiver or trustee assumes and agrees to be bound by each and every provision of this chapter and their certificate granted to the grantee.
(1972 Code, § 10-727) (Ord. 638, passed 4-15-1980)