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(A) Upon the filing of an application, the Town Council shall then pass upon the application, taking into consideration the applicant, his financial standing, and his equipment for rendering taxicab service in the town. If the Town Council finds that it is for the best interests of the town and the citizens thereof that the applicant be issued a license to operate a taxicab service, then the Town Council shall instruct the Clerk-Treasurer to issue a license upon the compliance of the applicant with all other provisions of this chapter.
(B) The Clerk-Treasurer shall issue to the applicant, upon the approval of the Town Council as above, a license upon the payment of a fee of $10 for each taxicab to be operated, for any calendar year or fraction thereof the cabs are operated. The license shall continue in effect from year to year until revoked by the Town Council so long as the applicant or licensee shall pay into the hands of the Clerk-Treasurer the license fee herein prescribed on or before January 10 of each year.