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A. Any franchise granted pursuant to this chapter shall be a privilege to be held in personal trust by the original grantee. It cannot in any event be sold, transferred, leased, assigned, hypothecated, or disposed of in whole or in part, either by forced or involuntary sale, or by voluntary sale, merger, consolidation, or otherwise, without the prior consent of the council expressed by resolution, after receipt of any proposed contractual documents, including the considerations and then only under such reasonable conditions as may be prescribed in said resolution. Council consent shall not be necessary for any transfer or assignment to an affiliated entity which does not result in an actual change in ultimate control of the franchise; provided, that council consent shall be required where there is a change in control or ownership where a person or group of persons acting in concert acquire more than fifty percent of the voting stock of the franchisee. Council consent shall also not be necessary for a transfer in trust, mortgage, pledge, or other hypothecation of less than twenty-five percent of the market value of the property used in the conduct of the Signal Hill CATV System, unless made to avoid or evade the other provisions of this chapter affecting transfers.
B. Any transfer or assignment shall be made only by an instrument in writing, a duly executed copy of which shall be filed in the office of the city clerk within thirty days after any such transfer or assignment. The consent of the council, when required by this section, shall not be unreasonably refused; provided, however, the proposed assignee must submit an application in accordance with Section 13.12.060 except to the extent that the city waives such provisions. The fee for such application shall be one thousand dollars. The proposed assignee shall show financial responsibility and must agree to comply with all provisions of this chapter and of the franchise agreement. Failure to comply with all provisions of this section may result in termination of this franchise in accordance with Section 13.12.240.
(Ord. 85-10-961 § 1: Ord. 85-07-950 § 1 (part))