Every person owning and operating a taxicab under a license from the Village may adopt a trade name, design, color scheme or method of painting or lettering such taxicab that is approved by the Mayor. Such trade name, design, color scheme or method of painting or lettering shall meet the following requirements:
(a) A serial body number may be painted on each side and on the rear of the taxicab.
(b) The name of the owner or the trade name under which the owner does business may be painted on each side of each taxicab. Whenever the name of the owner or trade name under which the owner does business does not include any of the words "taxicab", "taxi" or "cab", then the word "taxicab" may be painted on each side of the taxicab immediately beneath such name or trade name.