10-27-1986 Council Packet - Laserfiche WebLink

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established by Commission foc _ _6Lnal Grantee including but not limited to technical ability and financial .;.-ability. Commission shall cause to be sent to the Board at Grantee's expen.3e a cc.py of all public documents related to sale or transfer of the Fi7anchise. F. The parties to the sale or transfer of only this Franch-ise, without the inclusion of tre System in which at least substantial construction has cam- menced, shall be r--quired to establish to the sole satisfaction of Commission that the sale or transfer of only this Franchise is in the public interest. G. For pur�,oses of this section, a IsLaidamental corporate change means any sale or transfer of the stock of a corporation which results in a change of controlling interest or the sale or transfer of all or a majority of a corporation's assets, merger (including a parent and its subsidiary corporation), consoiidation'or creation of a subsidiary corporation. H. The word ''control", or the phrase "controlling interest", as used hereix:, is not limited to major stockholders, but includes actual working control in whatever manner exercised. As a minimum, "control", as used herein, means a legal or beneficial inte.:- (even though actual working control does not exist) of at least five (57) percent. Every change, transfer !r acquisition of control of Grantee shall make the Franchise subject to can- cellation t. :ss and until Commission shall have consented in writing thereto, which consent shall not be unreasonably withheld. For the pur- pose of determining whether it shall conse,- --) such change, transfer or acquisition of control, Commission may inquire into the qualifications of the prospective controlling party, and Grantee shall assist Commission in such inquiry and pay all cots incurred by Commission in so inquiring, including City staff time at a value determired by Commission. .E