Sec. 5. Franchise ordinances to prohibit issuing stock on account thereof.

Every ordinance granting any franchise shall prohibit the issuing of any stock on account thereof by any corporation holding, or doing any business under, said franchise. Any violation of the terms of this section shall, at the option of the city, operate as a forfeiture of said franchise.

Disclaimer: This Code of Ordinances and/or any other documents that appear on this site may not reflect the most current legislation adopted by the Municipality. American Legal Publishing provides these documents for informational purposes only. These documents should not be relied upon as the definitive authority for local legislation. Additionally, the formatting and pagination of the posted documents varies from the formatting and pagination of the official copy. The official printed copy of a Code of Ordinances should be consulted prior to any action being taken. For further information regarding the official version of any of this Code of Ordinances or other documents posted on this site, please contact the Municipality directly or contact American Legal Publishing toll-free at 800-445-5588.

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