At the expiration of the present and all subsequent renewal terms which
the franchise is granted, or upon its revocation, as provided for, the grantee
shall have the right to remove, at grantee's expense, all or any portion of
the system from all streets and public property within the Township. In so
removing the system, grantee shall refill and compact, at its own expense,
any excavation that it shall make. All work in this section shall be subject
to Township inspection. All costs associated with inspection shall be borne
by grantee.
A.
This franchise shall not be sold, assigned, or transferred,
either in whole or in part, or leased or sublet in any manner, nor shall title
hereto, either legal or equitable, or any right, interest, or property therein,
pass to or vest in any person without full compliance with the procedures
set forth in this section and the express approval of the Board of Supervisors.
B.
The provisions of this section shall apply to the sale
or transfer of 5% or more of grantee's assets, mergers (including any parent
or subsidiary corporation), consolidation, or sale or transfer of stock in
grantee so as to crate a new controlling interest. The term "controlling interest,"
as used herein, is not limited to majority stock ownership, but includes actual
working control in whatever manner exercised.
(1)
Parties to the sale or transfer shall make written request
to the Township for the approval of a sale or transfer. Parties shall submit
to the Township all necessary documents for the Township to property evaluate
the financial and operational capability of the companies involved.
(2)
The Township shall reply in writing within 60 days of
the request and shall indicate approval of the request or its determination
that a public hearing is necessary due to potential adverse effect of the
grantee's subscribers.
(3)
If a public hearing is deemed necessary pursuant to (above)
such hearing shall commence within 60 days of such determination and notice
of any such hearing shall be given 14 days prior to the hearing by publishing
notice thereof, and those shall contain the date, time, and place of the hearing
and shall briefly state the substance of the action to be considered by the
Township.
(4)
Within 30 days after the closing of the public hearing,
the Township shall approve or deny in writing the sale or transfer request.
(5)
Within 30 days of any transfer, grantee shall file with
the Township a copy of the deed, agreement, mortgage, lease, or other written
instruments evidencing such sale, transfer of ownership or control, or lease,
certifying and sworn as to be correct by the grantee.
C.
In reviewing requests for sale or transfer pursuant to
Paragraph a above, the Township may inquire into legal, technical, financial,
or other qualifications that the Township may deem necessary of the perspective
controlling party, and grantee shall assist the Township in so inquiring.
Upon demonstration of the transferee's qualifications as set forth above,
the Township shall approve/deny the sale/transfer. The Township shall not
unreasonably delay or withhold approval. In no event shall a transfer or assignment
of ownership or control be approved without the transferee's becoming a signature
of this franchise.
