(A) This franchise shall not be assigned or transferred either in whole or in part or leased, sublet or mortgaged in any manner, nor shall title thereto, either legal or equitable or any right, interest or property therein pass to or vest in any person, either by the act of the grantee or by operation of law without the consent of the Town Council; provided that, nothing in this division (A) shall be deemed to prohibit a mortgage or pledge of the cable television system, or any part thereof for the purpose of financing the cable television system. The granting, giving or waiving of any one or more of such consents shall not render unnecessary any subsequent consent or consents.
(B) The grantee shall promptly notify the Town of any actual or proposed change in or transfer of or acquisition by any other party of control of the grantee. The word “control”, as used herein, is not limited to major stockholders, but includes actual working control in whatever manner exercised. Every change, transfer or acquisition of control of the grantee shall make this franchise subject to cancellation unless and until the Town Council shall have consented thereto. For the purpose of determining whether it shall consent to such change, transfer or acquisition of control, the Town Council may inquire into the qualifications of the prospective controlling party and the grantee shall assist the Town Council in any such inquiry. If the Town Council does not schedule a hearing on the matter within 60 days after notice of the change or proposed change and the filing of a petition requesting such consent, it shall be deemed to have consented. In the event that the Town Council adopts a resolution denying its consent and such change, transfer or acquisition of control has been effected, the Town Council may cancel this franchise unless control of the grantee is restored to a status acceptable to the Town Council.
(C) In the absence of extraordinary circumstances, the Town Council will not approve any transfer or assignment of the franchise prior to substantial completion of construction of the proposed system.
(D) The grantee shall not consolidate or merge or enter into any agreement in restriction of competition with any other person, firm or corporation engaged in the transmission of television signals by cable to members of the public within limits of the Town and shall not purchase or otherwise acquire all or any portion of any system or plant within the Town or any other person, firm or corporation engaged in the transmission of televisions signals by cable to members of the public within the limits of the Town without the prior consent of the Town Council, which consent shall not unreasonably be withheld.
(2005 Code, § 95.7)