At any time prior to the termination thereof any previous grant of a franchise for the construction or operation of a public utility, may be renewed by ordinance to the original grantee or to the assignee in possession thereof, or to such person or corporation as may be designated in writing to the Mayor of the City by such grantee or assignee, upon any terms conducive to the public interest; provided said utility at the time of said renewal is still being operated; and provided further that said renewal shall not be effective until approved or granted by a majority vote of the electors in accordance with the provisions of this Charter.
If the utility whose franchise is renewed, is a street railway, and if during one year prior to said renewal, a street railway has been operated upon such streets or parts thereof as will be occupied under such renewal, it shall not be necessary to obtain the consent of the owners of property abutting thereon.