Change of ownership of, or title to, a taxicab shall automatically revoke any certificate previously granted for the operation of the taxicabs or taxicab. The purchaser of any taxicab shall not operate the vehicle as a taxicab until he or she has applied for, and been granted, new certificates in the manner provided in § 19-28. A change of ownership is deemed to have taken place in addition to other methods usually employed if the owner of any taxicab leases the same to any person under any lease or other arrangement whereby the person shall have the right upon the payment of an amount of money or other consideration to acquire title at any future date to the taxicab or any other thing of value.
(`86 Code, § 19-33)