§ 22. Change of control of grantee.

Prior approval of the city council shall be required where ownership or control of more than thirty (30) percent of the right of control of grantee is acquired by a person or group of persons acting in concert, none of whom already own or control thirty (30) percent or more of such right of control, singularly or collectively. By its acceptance of this franchise the grantee specifically grants and agrees that any such acquisition occurring without prior approval of the city council shall constitute a violation of this franchise by the grantee.