No holder of a franchises granted pursuant to the provisions of this chapter shall sell, assign, or otherwise transfer its system or any interests or rights arising from the ownership or operation of said system and the franchise granted therefore without notice to and written approve of the Municipality which shall not be unreasonably withheld. The rights and privileges arising by the grant of such franchise shall not be assignable or transferable directly or indirectly in any proceeding in bankruptcy, trusteeship, receivership, or by operation of any law and in the event of any such assignment or transfer, any such grant of franchise shall automatically terminate forthwith.
(1980 Code 122.06; Ord. 18-90.)
(1980 Code 122.06; Ord. 18-90.)