Any taxicab lawfully licensed to be operated or any taxicab driver lawfully licensed to drive a taxicab in any municipality in the county may be operated or permitted to drive a taxicab in the city upon registration of the taxicab license or the taxicab driver's license with the City Clerk. There shall be no charge for registration and it shall expire concurrently with the license of the issuing municipality. This section shall not apply unless the ordinance under which the license or licenses are issued is substantially equal to the requirements of this Code, nor unless the licensing municipality reciprocates in recognizing taxicab and taxicab drivers' licenses issued under the provisions of this Code by granting the same operating and driving privileges upon registration without charge.
(‘83 Code, § 114.15)