At any time after the issuance of a permit to any person to drive a taxicab, the town council may revoke such permit, if the person holding such permit, or any driver employed by such person is convicted of:
(1) A felony;
(2) A violation of any federal or state statute relating to use, possession or sale of intoxicating liquors;
(3) A violation of any federal or state statute relating to the use, possession or sale of narcotic drugs;
(4) Repeated violations of traffic laws and ordinances;
(5) A violation of any state or federal statute relating to prostitution; or if the person holding such permit, or any driver employed by such person;
(6) Becomes a habitual user of intoxicating liquors or narcotic drugs; or
(7) Fails to maintain a policy of liability insurance as required as G.S. 20-280.
(Code 1989, § 73.07)