A. A licensee shall not sell, transfer, assign, exchange or release, or permit the sale, transfer, assignment, exchange or release of more than 49 percent of the cumulative ownership of the system without prior written authorization from the council. For the purposes of this section, a merger or consolidation shall be deemed a transfer or assignment. Nothing in this section shall be deemed to prohibit a pledge or hypothecation, or mortgage or similar instrument transferring conditional ownership of the system’s assets to a lender or creditor in the ordinary course of business, unless such interests shall exceed 75 percent of the original cost or the fair market value, whichever is higher.

B. A licensee shall not sell, transfer, assign, exchange or release, or permit the sale, transfer, assignment, exchange or release of the license agreement without prior written authorization from the council. For the purposes of this section, a merger or consolidation shall be deemed a transfer or assignment.

C. In no event shall any transfer, assignment, exchange or release of the license agreement by a licensee be approved by the council without the transferee accepting the terms and conditions of the license agreement, and any pending obligations or violations of the current licensee, by written notice to the city. This written notice of acceptance shall be received no less than 30 days prior to the proposed approval of the council. [Code 2006 § 12-1-12. Ord. 91-20, 12-10-1991].