(A) A privilege license for the operation of a taxicab business shall be issued in accordance with the procedures set forth in Chapter 112 and subject to the following:
(1) In accordance with G.S. § 20-97, the applicant for a privilege license shall pay the sum of $15 upon each vehicle operated as a taxicab;
(2) The privilege license shall not be issued until the applicant has presented sufficient proof of financial responsibility (i.e., a certificate of liability insurance) as required by G.S. § 20-280; and
(3) The privilege license shall not be issued until the applicant demonstrates that all drivers of all taxicabs operated by the business have been issued an operator's permit pursuant to § 113.03.
(B) A privilege license issued under this section may be revoked, in accordance with the procedures specified in Chapter 112, for any reason that would have justified denial of the license.
(1981 Code, § 8-41)