(a) Sale or transfer of this franchise or sale or transfer of stock so as to create a new controlling interest is prohibited except upon the prior, express written approval of the village, which approval shall not be unreasonably withheld.
(b) Notwithstanding, the franchisee may pledge or mortgage this franchise to a lending institution, group of investors, or other financial entity to obtain funds required for the initial construction and completion of the cable system.
(Prior Code, § 9-3-8)