(A) (1) To protect the interests of the town under any franchise granted pursuant to this chapter, the franchisee shall not make, execute or enter into any deed, deed of trust, mortgage, contract, conditional sales contract or any loan, lease, pledge, sale, pole agreement or any other agreement concerning any of the facilities or property, whether real or personal, of the system, where the transaction would be inimical to the rights of the town under any franchise granted pursuant to this chapter, if consummated without adherence to the following provisions:
(a) Without the express approval of the Board of Commissioners which shall not be unreasonably withheld; and
(b) Without a written assent filed with the Board of Commissioners binding upon the person in whom any right, power, privilege, duty, title, interest, claim or demand in or to the franchise or the system is created or vested, to the effect that the right, power, privilege, duty, title, interest, claim or demand is and shall be held and exercised subject to all the terms and provisions of the franchise, including this provision.
(2) The town may require the written assent to be contained in the instrument or document creating or vesting the right, power, privilege, duty, title, interest, claim or demand, provided, this requirement shall not apply to the disposition of worn-out or obsolete facilities or personal property in the normal course of carrying on the CATV business.
(3) The Board of Commissioners may determine what transaction may be inimical to the rights of the town if consummated without adherence to these provisions.
(B) Prior approval of the Board of Commissioners shall be required where ownership or control of more than 25% or more of the right of control or interest, singularly or collectively.
(C) No franchise granted under this chapter may be transferred unless the transaction is first approved by the Board of Commissioners by resolution after public hearing.
(D) By its acceptance of the franchise, the franchisee specifically concedes and agrees that any acquisitions or transfers as set forth in divisions (B) and (C) of this section, without prior approval of the Board of Commissioners as may be required, shall constitute a violation of the franchise and this chapter by the franchisee.
(1988 Code, § 111.30) (Ord. passed 10-2-1979) Penalty, see § 10.99