3904 - 40 Grant Cleve Railway Co. right to maintain line

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~ t -6- In addition to the above, the Company shall file with the Transportation Commissior_ of ti,e City of Lakewood throughout the life of the privilege herein granted, monthly reports which shall cover the number of passengers carried over the route herein granted, the gross monthly income, the monthly expense of operation and the monthly profit or loss claimed to nave been received. In addition to tY,e above figures the Compan~% shall file v,~ith the Transportation Commission of the City of Lakewood or with such otr_er person or body as shall be desig- nated by the Council, such other or further reports of income, expense or other business detail as the Council of the City of Lakewood shall from tine to time reasonably require. SECTIOP' 12: The franchise herein granted and all rights or privileges purported to be granted by it shall be revoked and terminated by any transfer of the right to operate under said franchise, whether said transfer is voluntary or involuntary. Any of the follovaing shall be regarded as a transfer vrithin the meaning of this ordinance and shall automatically cause such revocation and termination. (a) Any sale or lease of the fran- chise or any grant or attempted grant of a right to anyone other than the Company to operate coaches under or by virtue of said franchise; (b) the appointment of a receiver for the Company or of a material portion of the equipment essential for operation of this route, or any seizure of such equipment on execution, in attachment or otheraai.se; (c) the filing of a petition in any court seeking reorganization of the Company, an adjudic~.tion in bankruptcy, a finding of insolvency by any court or the making of an assignment for the benefit of creditors; (d) the creation of any lien or right to possession against a material portion o£ the equipment essential for operation of the route in anyone other than the Company; (e) Any sale or transfer of ownership or control of 50~ or more of the outstanding capital stock of the Company to any corporation owning or operating other motor coach lines; (f) entering into any voting trust, trusteeship, equitable ovmershi.p, holding company management contract or other device or plan by which any person or corporation engaged ir. the manufacture or sale of motor coaches or in t're operation of other motor coach lines shall obtain control of 50j; or more of the out- standing capital stock of the Company; (g) sale of 500 or more of the outstanding capital stock of the Company or of a material intere8t, in the equipment essential for operation of the route to any municipal corporation other than the City of Lakewood;. (h) institution of proceedings for dissolution, the appointment of a trustee to dissolve the company, a vote by its stockholders to dissolve, or any failure to maintain its right to corporate existence, through default in pa~naent of franchise taxes or otherwise. SECTIOIQ 13: The Company shall r..ot exercise any rights under this ordinance unless and iuitil its terms and conditions shall have been accepted by the Company in vriting, filed with the Clerk o£ Council of the City of Lakewood within thirty (30} days after the ordinance becomes effective. After this ordinance becomes effective ar_d is accepted by the Company as aforesaid, it shall constitute a valid contract binding upon said City and Company according to its terms and conditions. SECTIOR 14: This grant shall be subject to the constitution and lavas of the State of Ohio, now in force or hereafter adopted, the provisions of the charter of the City of Lakewood, and of the ordinance of said .City of Lakewood now in force or hereafter adopted, relating to the operation of vehicles in and over the streets of the City of Lakewood. SECTION 15: This ordinance shall take effect and be in full force upon its passage by the Council and approval by the L'ayor and at the earliest period alloo,ed by law. Adopted: i~,ay 20, 1940 fiugh Ii. Davrson President Approved: k. I. tiauffman H. A. Fees .~ayor Clerk