Any person desiring to secure a license for the operation of a taxicab or other vehicle for the transportation of passengers within the limits of the town shall make written application to the Town Clerk. This application shall contain the name of the owner of the vehicle to be so operated, the driver thereof, the make, serial number and motor vehicle of the vehicle to be so used. Before any licenses may be issued the applicant shall be required to file with the Town Clerk a public liability and property damage insurance policy issued by a reputable casualty company authorized to do business in the State of South Carolina, together with a receipt from the issuing company showing payment of the premium on the policy through the following December 31, covering the vehicle to used in the transportation of passengers. This policy shall be kept in full force and effect until the required date; and this policy shall be for not less than the minimum standards required by the state for bodily injury liability and $5,000 dollars for property damage liability for each accident.
('86 Code, § 18.902) Penalty, see § 10.99