§ 16. Assignment or transfer  


Latest version.
  • (a) The franchise shall not be sold, 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 without the prior consent of the City Council. Any assignee, lessee, mortgagee and any person or entity having or acquiring any interest, right or title in or to the facilities that are installed or operated hereunder must show financial responsibility as determined by the City and agree to comply with all provisions of the franchise. Any document by which any interest, right or title to the franchise or the facilities that are installed or operated hereunder are transferred to or vested in any person shall, by its terms, be expressly subordinate to the terms and conditions of the franchise.

    (b) The Company shall promptly notify the City by certified mail, return receipt requested, of any actual or proposed change in, or transfer of, or acquisition by any other party of, control of the Company or the facilities installed hereunder. The word "control" as used herein is not limited to major stockholders but includes actual working control in whatever manner exercised. Any transfer, sale or assignment of the franchise, or control of the company, or facilities that are installed or operated hereunder shall be cause for forfeiture of the franchise unless and until the City shall have consented thereto, which consent shall not be unreasonably withheld. The City shall be deemed to have consented to a transfer or acquisition of stock in the Company unless the City disapproves the same within thirty (30) days after it receives notice of any proposed or actual transfer of stock or notifies the Company within thirty (30) days that additional time is necessary to consider the matter. The Company shall, when it files its acceptance of this franchise, also file a list of its stockholders, all agents or nominees of the Company, and all persons having a beneficial interest therein stating the nature of such interest. (2010-Or-043, § 1, 4-16-10)