At any time, if any policy of insurance required by this chapter is canceled by the company issuing the same or the authority of the company to do business in the state shall cease, the owner shall replace such policy with another policy satisfactory to the City Attorney and in default thereof, the owner's certificate to operate shall be revoked. The failure of an owner to notify the Director of Police Services of any such cancellation or cessation shall constitute a violation of this chapter and subject such owner to the penalty provided for such violation.
('64 Code, § 22-37) (Ord. 163, passed 12-20-60) Penalty, see § 10.97