Sec. 357. - Method of granting franchises.
The method of granting franchises shall remain as prescribed in section 29 of chapter 54 of the Acts of 1905, save and except that the ordinance granting such franchise shall be passed by a majority vote of all the members composing the Board of Commissioners; provided, however, that no ordinance granting any franchise shall become effective until passed at three separate regular meetings of the board and shall have been published in full, by one publication in some newspaper published and circulated in the City of Memphis, said publication to take place between the date of the first and second readings of such ordinance. After final passage, such ordinance shall be published once in the form in which it was adopted. Every such ordinance shall be recorded in the record of ordinances provided for in section 354, hereof.
[Under Acts 1905, ch. 54, sec. 29, the method of granting franchises, as above referred to, is as follows: No franchise shall be granted or sold to any commercial railroad, street railroad, gas company, electric light company, water company, or other quasi public corporation, except by ordinance, fully guarding and protecting the rights of the public. Nor shall such ordinance become effective until it is first submitted to and approved by a majority of the citizens voting either at some general or special election upon the question; provided such submission be demanded by petition of at least five hundred freeholders of the City and presented to the legislative council before the passage of said ordinance or within thirty days thereafter; provided, further, that no such ordinance shall become effective until thirty days after it has passed and been signed by the Mayor; and provided further, that no second election for the same purpose shall be held within twelve months from the first election; and provided further, that no such contract shall be made by ordinance or become effective until signed by a majority of the members of each board.]
(Acts 1909, ch. 298, § 40; Priv. Acts 1923, ch. 427, § 2; Priv. Acts 1929, ch. 406, § 3)