(A)   The Town Council of the town may suspend or revoke the license issued to and for any taxicab or taxicabs for the violation of this chapter, whether or not any criminal prosecution of the licensee is pending, upon proof and hearing thereof.
   (B)   Any license issued to any owner or owners, operator or operators under the terms and conditions of this chapter may be revoked or indefinitely suspended by the Town Council, upon failure of the owner, owners, operator, or operators to operate a taxicab or taxicabs in compliance with the terms of this chapter and the laws of the state.  However, the owner or owners, operator or operators of each taxicab shall be given five day's written notice of the violation, and upon hearing and proof thereof the license for the taxicab or taxicabs may be suspended for a definite period or revoked.