§ 76-56. Foreclosure or other judicial sale.

(a)

Upon the foreclosure or other judicial sale of all or a substantial part of the system located in the unincorporated areas of Fulton County, or upon the termination of any lease covering all or a substantial part of the system, the grantee shall notify the county manager of this fact, and this notification shall be treated as a notification that a change in control of the grantee has taken place, and the provisions of section 76-46 hereof, governing the consent of the county to transfer the system, shall apply.

(b)

The county shall have the right to cancel this franchise 120 days after the appointment of a receiver, or trustee, to take over and conduct the business of the grantee, whether in receivership, reorganization, bankruptcy, or other action or proceeding, unless the receivership or trusteeship shall have been vacated prior to the expiration of the 120 days, or unless:

(1)

Within 120 days after his election or appointment, the receiver or trustee shall have fully complied with all the provisions of this article and remedied all defaults thereunder; and,

(2)

The receiver or trustee, within 120 days, shall have executed an agreement, duly approved by the court having jurisdiction in the premises, whereby the receiver or trustee assumes and agrees to be bound by each and every provision of this article and the franchise granted to the grantee.

(Code 1983, § 33-4-26)