The franchise and rights granted herein shall be a privilege to be held in personal trust and shall not be assigned, transferred, sold or disposed of without prior consent of the Town Council, expressed by resolution. That consent shall not be unreasonably withheld, provided the proposed assignee agrees to comply with all the provisions of this chapter and is able to provide proof of financial responsibility and other qualifications satisfactory to the Council. No consent by the Council shall be required for a transfer in trust, mortgage or other instrument of hypothecation to secure an indebtedness of the company. The consent of the Town Council to any sale or other transfer shall not constitute a waiver or release of any of the rights of the town under this chapter.
('85 Code, § 4-7-24) (Ord. 1980-1, passed 7-9-80; Am. Ord., passed 3-9-83)