The Manager shall investigate each application to determine whether such license applied for shall be issued. The applicant shall furnish and file with his application for a taxicab operator's license the following:
   (a)   A full transcript of the information appearing on the certificate of title of each vehicle for which a license is desired and the state license number on each vehicle;
   (b)   The name and address of each person who will operate such taxicab, with the driver's license number of such persons;
   (c)   A duplicate policy of the insurance carried by the applicant for the life of the license applied for or longer, by a responsible insurance company, approved as to sufficiency by the Manager and as to legality by the Solicitor, providing indemnity for protection of the applicant against loss resulting from operation of each such taxicab in the minimum amount of one hundred thousand dollars ($100,000) on account of injury or death of one person in any one accident; three hundred thousand dollars ($300,000) on account of injury or death of more than one person in any one accident; and fifty thousand dollars ($50,000) for property damage caused in any one accident. Such duplicate policy shall remain in the custody of the Manager. Such policy shall provide that the insurance company shall not cancel the policy without the receipt by the Municipality of written notice of intention to cancel at least ten days before the effective date of cancellation.
   (d)   The licensee shall furnish a schedule of rates to be charged passengers for transportation during the period of his license, which schedule shall be subject to the approval of Council. The licensee, as a condition of being granted a license, shall agree that taxi service shall be maintained on a twenty-four hour basis.
   The Manager shall examine all supporting information and documents, and being satisfied that all conditions have been complied with, shall, upon payment of the prescribed license fee, issue a license to the applicant.