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RESOLUTION TO APPROVE CARTER PUBLICATIONS TRANSFER OF STOCK TO INTERNATIONAL CABLE VISION CORPORATION
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On January 21, 1966, the City Council of Jonesboro, Arkansas enacted Ordinance No.1142 granting a Franchise to Jonesboro Cable Television, Inc., its Successors and Assigns, for the purpose of Constructing, Acquiring, Operating and Maintaining a Community Antenna Television System in the City of Jonesboro, Arkansas; providing Conditions, Requirements and Regulations therefore; prescribing Penalties and Violations of its Provisions and for other Purposes.
Among the requirements of said Ordinance is Section 19, set out as follows:
SECTION 19: The franchise granted herein by City to Company is not assignable without prior approval of City by action of its Council; and in the event the control of the Company is changed by a sale of a majority of its stock, which in any way affects the spirit or intent of the franchise herein granted, the City Will have the right to negotiate the franchise herein granted.
It being represented to the City Council of Jonesboro, Arkansas, that the owner of the majority stock of Jonesboro Cable Television, Ins. Was at the time of the passage of the ordinance and is at the present Carter Publications of Fort Worth, Texas. Further that all Companies such as Carter Publications have been ordered to divest themselves of such holdings within a three year period. It being further represented that Carter Publications wishes to transfer its stock in Jonesboro Cable Television, Inc. to International Cable Vision Corporation, a responsible firm.
It is therefore resolved by the City Council of Jonesboro, Arkansas meeting in regular session this 17th, day of January, 1972, that such transfer is hereby approved.