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P.. _ 0 <br /> section 7 . The grantees herein, their successors and <br /> assigns holding this franchise are prohibited from issuing any <br /> capital stock on account of the franchise or the value thereof. <br /> The grantees, their successors or assigns shall have no right <br /> to receive upon purchase or condemnation proceeding brought <br /> by the city to acquire the public utility using such f ranchise, <br /> any return on account of the franchise or its value. <br /> Section 8. No sale or lease of this franchise shall be <br /> effective until .the assignee or lessee shall have f il6d in the <br /> office of the city clerk an instrument, duly executed, reciting <br /> the fact of the sale or lease, accepting the terms of the fran- <br /> chise affected and agreeing to perform all the conditions re- <br /> quired of the grantees thereunder. <br /> Section 9, The City Council of the City of Everett may, <br /> by ordinance forfeit the franchise herein granted, in the event that <br /> the grantee, or its assigns, shall, after reasonable notice from <br /> the City Council requiring it to do so, fail to comply with any <br /> of the provisions of said franchise. <br /> • <br /> Passed: Ju 4 <br /> Attest : e City Clerk. <br /> Published : July 15, 1926 <br />