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L—J <br />M <br />terms of this franchise and agreeing to perform all of the <br />conditions thereof. No Board approval shall be necessary where a <br />Stockholder and/or the Corporation transfers/ issues stock to a <br />property owner or successor property owner within the ,franchise <br />territory or another Stockholder in the Corporation; nor shall <br />Board approval be necessary if a stockholder pledges or encumbers <br />stock or if stock is transferred involuntarily, provided, however, <br />that if a permitted transfer, as previously described results in <br />capital stock of the Corporation being issued to a person or <br />entity (other than a then existing stockholder in the Corporation) <br />and said transfer further results in a shift of majority <br />organizational control to said person or entity, Board approval of <br />said transfer or issuance shall be required in accordance with <br />o this Section. Otherwise, this franchise shall not be transferable <br />0 <br />LL and/or assignable until notice or request for transfer and <br />i <br />a assignment shall be given by the Corporation to the Board in <br />W <br />m <br />Wwriting accompanied by a request from the proposed transferee, <br />o which application shall contain information concerning the <br />f <br />financial status and other qualifications of the -.proposed <br />k transferee and such other information as the Board may require. A <br />ipublic hearing shall be held on such request, of which notice <br />0 <br />shall be given by publication in a newspaper regularly published <br />in the County at least one time not more than one month or less <br />than one week preceding such hearing. Certified proof of <br />publication of such notice shall be filed with the Board. The <br />Board shall act within 90 days following the request. The consent <br />by the Board to any assignment of this franchise shall not be <br />unreasonably withheld. Any sale or transfer by the Corporation or <br />Stockholders of the Corporation taking place contrary to the terms <br />and conditions of this paragraph shall be void and of no effect. <br />SECTION XIII <br />Corporation warrants adequate planned capacity to service <br />existing or anticipated customers and agrees not to provide water <br />service unless adequate capacity is available at the time any new <br />connection is made. <br />II JUL 71982 <br />1n <br />QOK 50 PAGE ,107 <br />