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persons of ?o percent of the voting shares of the company. <br /> 4 In the absence of extraordinary circumstances, the <br /> Board will nat approve any transfer or assignment of a franchi <br /> * uct.i.on of the energ4 ZLrl cabl <br /> before completiu.l Of initial construction <br /> (c) The board ma!/ terminate: a franchise prior to <br /> Ithe date of expiration upon a finding, made after thirty (30) <br /> l days' notice of any proposed terminat.iorl and public hearing, <br /> I� I <br /> that: <br /> (l) The grant^o has .Failed. to comply in saute <br /> material respect with any provision of this ordinance or has, <br /> by any act or omission, violated in some material re:;pect any <br /> term or condition of any f,� Ihise or permit issued hereunder: <br /> I <br /> or <br /> (3) The grantee made a material, false statement <br /> in the application for a franchise, knowing it to be false; or <br /> (3) The grantee, contrary to the best interest of <br /> public convenience and welfare, is not providing subscribers <br /> with regular', adequate and proper <br /> service. <br /> i <br /> (d) In the event that any part of the CAW system is ! <br /> discontinued for any ieason for a continuous period of 355 <br /> days or the franchise held by any grantee to construct, operate, <br /> or maintain a CATV system is germinated by the board, pursuant to <br /> to terms of this ordinance, and all negotiations to settle the <br /> differences between the parties have failed (provided, however, j <br /> that such negotiations shall not be required) , the board may I <br /> advertise and seek another grantee to operate the system. The <br /> board, in seeking a new grantee, shall use the same methods and <br /> procedures set forth herein as are required to grant the initia' <br /> franchise. If a franchise is granted to another person, the <br /> terminated grantee may be required to sell the entire CATV I <br /> system to the new grantee at a price to be determined by three <br /> 3 <br /> -$ (3) competent, independent appraisers, one each to be appoifited <br /> COLUMAN,BE9-,1g6LZ { <br /> L7rc.KERSON by the terminated grantee, the new grantee, and the board. The <br /> ,-.TT0BNEY5 AT LAW I <br /> Cli•.PEL HILL.::C, 4 <br /> ISILLSua.^.OL1GH_NM.. appraisers so appointed shall use the then-best methods of <br /> E <br /> appraising to determine this value. The cost of the appraisers <br /> shall be shared equally by the terminated grantee and the new <br />