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All franchises granted by the Commissioners shall be for a fixed term not to exceed 20 years and no exclusive franchise shall be granted for the use of any street, road or public place. All franchises shall be subject to the power of eminent domain and the right of the Commissioners or the people acting for themselves through the initiative or referendum to repeal, amend or modify the franchise in the interest of the public; and every ordinance granting a franchise shall contain a reservation of these rights. In any proceeding under eminent domain the franchise itself shall have no value. No franchise shall be granted in which any Commissioner has a direct or indirect contractual or financial interest.