No license for the operation of taxicabs under the provisions of this chapter shall be granted to any person except upon the satisfactory proof being made that said vehicle is to be used in actual bona fide taxicab business. The business of every licensed taxicab under the provisions of this chapter shall be carried on by the person in whose name the bond or contract of insurance provided for herein is written and every licensed operator shall display in a conspicuous place on his cab the name of the person in whose name the license is issued, and no other name shall appear thereon. (2003 Code § 5-09-19)