In the event the owner of a licensed taxicab shall cease to own the same, or in the event that the vehicle shall become unsuitable for operation, an affidavit to such effect may be filed with the director of public service and safety and the director shall, upon its approval, transfer the license to any other vehicle belonging to the owner, provided the vehicle is approved by the director, and complies with the section specifying taxicab requirements.
('59 Code, § 761.10) Penalty, see § 115.99