The transferee under the transfer so authorized shall have the same rights and privileges and become subject to the same responsibilities as if a separate, assignable franchise embodying the part of the franchise transferred had been granted originally by the municipality and the separate, assignable franchise had been so transferred. The transferor, as a result of the transfer so authorized, shall be deemed thereby to have retained only the rights and privileges, and to have remained charged with only the duties, contained in the part of the franchise owned by the transferor and not so transferred.
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