Every change, transfer, or acquisition of control of the grantee or of any owner of the grantee who is named in the ordinance offering the franchise shall render the franchise subject to cancellation by the Board, unless the Board consents thereto by duly adopted resolution pursuant to the provisions of Section 11-1.1605 of this article. As used in this section, the word “control” shall mean the acquisition of sufficient dominance to determine the operational and financial policies of the grantee, including the disposition of its assets. A rebuttable presumption that a transfer of control has occurred shall arise upon:
(a) The acquisition or accumulation by any party or association of parties of ten (10%) percent or more of the voting shares of stock of the grantee or named owner of the grantee;
(b) A change in the general partners of a grantee or named owner of the franchise; or
(c) A merger or consolidation of the grantee or named owner of such grantee. The presumption shall be subject to rebuttal only by determination by the Board. (§ 1, Ord. 961, eff. October 27, 1983)