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one hundred and twenty (120) days after the appointmant of a re- ceiver or trustee, to take over and conduct the business of the franchisee, whether in receivership, reorganization, bankruptcy, or other action or proceeding unless such receivership or trustee- ship shall have been vacated prior to the expiration of said one hundred and twenty (120) days, or unless: (a) Within one hundred and twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this ordinance and remedied all defaults thereunder; and, (b) Such receiver or trustee, within said one hundred and twenty (120) days shall have executed an agreement, duly ap- proved by the court having jurisdiction in the premises, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this ordinance and the franchise granted to the original franchisee. Section 5A-13o Assignment or transferral after completion of construction. (a) The franchise as granted herein shall not subsequent to completion of construction as specified in section 5A-!8 be as- signed or transf%rred, either in whole or in part, or leased, sub- letr or mortgaged in any manner, nor shall title thereto, either legal or equitable, or any right, interest or property therein pass to or vest in any parson, either b~ the act of the franchisee or by operation of law, without the consent of the council. The granting, giving or waiving of any one or more of such consents shall not render unnecessary any subsequent consent or consents. (b) The consent or approval of the council to any assign- ment~ lease, transfer, sublease, or mortgage of the franchise grant- ed to the franchisee shall not constitute a waiver or release of the rights of the city in and to the streets. (c) The franchisee shall notify the council of any actual or proposed change in, or transfer of, or acquisition by any other party of, control of the franchisee at least sixty (60) days prior to such change. The word "control" as used herein is not limited to majority stock ownership but includes actual working control in what- ever manner exercised, and any instance in which ownership or control of more than two percent of the right of control of the f~anchisee is acquired by a person or group of persons acting in concert none of whom already own or ~ontrol two percent or more of such right of control, singularly or collectively.