Every person requiring a license within the meaning of this
chapter shall execute and deliver to the City Clerk a power of attorney
as required by N.J.S.A. 48:16-5 and N.J.S.A. 48:16-16, wherein and
whereby the owner shall appoint the City Clerk his true and lawful
agent for the purpose of acknowledging service of any process issued
out of a court of competent jurisdiction to be served against said
owner by virtue of the insurance policy filed.