35. If a taxi permit holder dies or, in the case of a corporation, winds up or goes bankrupt, the testamentary executor, the liquidator, the administrator or the trustee may continue to operate the taxi in the place of the permit holder during the time required to obtain from the Commission a transfer of the permit to an assignee who satisfies the conditions required to be a taxi permit holder.
In no case may a permit holder compelled to surrender his taxi in the execution of a contract granting a hypothec continue to operate the taxi under a permit or apply for a transfer of the permit. The person who acquires ownership of the taxi is the only person entitled to apply to the Commission for a transfer of the permit and may, for such purpose, continue to operate the taxi in the place of the permit holder during the time required to obtain a transfer thereof in his or its own name on satisfying the conditions for holding a taxi permit or for obtaining a transfer of the permit to a third person.
1983, c. 46, s. 35; 1992, c. 57, s. 702.