Change of ownership of or title to any taxicab or taxicab company shall automatically revoke any license previously granted for the operation of the taxicab or taxicab company. The purchaser of any such taxicab or taxicab company may not operate the vehicle as a taxicab until he or she has applied for and been granted a new license in the manner provided in this chapter. For the purposes of this section, 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.
(Ord. passed - - )