A person applying for a taxicab license shall deposit with the Village Collector at the time the license for a taxicab is issued, a certificate from the Secretary of State that the owner of the vehicle for which the license is to be issued has posted a bond or policy of insurance as required, by ILCS Ch. 625, Act 5, and has complied with the statutory requirements so that he may lawfully operate a taxicab. There shall be attached to the certificate an agreement by any surety on any bond, or the company writing the insurance, that the surety may not withdraw from the bond until after serving ten days previous notice in writing upon the village by registered mail. Whenever any bond is withdrawn or policy is canceled, the licensee shall furnish a new certificate or compliance with the law, with a like endorsement. As the bonds or policies of insurance expire the licensee shall furnish a new certificate from the Secretary of State that the bonds or policies of insurance have been renewed upon the same terms and conditions and with the same agreements from the surety or the insurance company as were attached to the original certificate. No person shall operate a taxicab unless the bond or insurance is in effect.
('68 Code, § 52.05)