No person, firm or corporation shall exercise any franchise right or privilege mentioned in this article within the city except insofar as he or it may be entitled to do so by authority of the Constitution of the State of California and statutes or other laws, unless he or it shall have obtained a grant therefor in accordance with the provisions of this Charter.

Any franchise in existence at the time of the adoption of this section shall remain in effect until the expiration of its term. (Amended November 3, 1964)