(A) The Town Council shall set aside, near the place of business of the taxicab operator, not to exceed one parking space for each taxicab upon which a license fee of $10 has been paid, and hold such spaces open as a cab stand. Such cab stands shall not be subject to parking meter charges but the operator shall pay the sum of $25 per year for each cab stand.
(B) Any person, persons, firm, or corporation desiring to operate a taxicab service without the reservation of parking spaces and not subject to freedom from the conditions of the town parking meter regulations shall pay a license fee of $35 for each and every taxicab. Each cab shall in all respects be subject to the conditions of any parking meter regulations of the town.