No jitney shall be operated along any street in the Borough until the owner or owners thereof shall obtain the consent of the governing body and receipt of a license therefor. Such license shall be issued by the Borough Clerk prior to obtaining a state license.
No municipal consent for the operation of a jitney shall become effective until the owner of the jitney shall have filed with the Borough Treasurer an insurance policy as provided by N.J.S.A. 48:16-24. The consent and license shall become effective and operation thereunder shall be permitted only so long as the insurance policy shall remain in force to the full and collectable amounts, as required by N.J.S.A. 48:16-24.
The owner of the jitney shall execute and deliver to the Borough Treasurer, concurrently with the filing of the policy of insurance referred to in § 419-15, a power of attorney, in accordance with the requirements of N.J.S.A. 48:16-24, appointing the Borough Treasurer its true and lawful attorney for the purpose of receiving service of process, out of any court of competent jurisdiction, to be served against the insured by virtue of the indemnity granted under the insurance policy filed.
Upon the filing of the required policy of insurance and power of attorney, the Borough Clerk shall issue a certificate, in duplicate, showing that the owner of the jitney has complied with the terms and provisions of this article and N.J.S.A. 48:16-23 et seq. The original certificate shall be posted in a conspicuous place within the jitney.
The consent to operate a jitney may be revoked by the governing body, after notice and hearing, whenever it shall appear that the person to whom such consent was granted has failed to furnish and keep in force the insurance policy and power of attorney herein required or to comply with any terms or conditions imposed by the governing body granting such consent or any applicable law of this state.
A. 
Every person owning and operating a jitney along any street in the Borough shall, on or before the 10th day of each calendar month, file with the Borough Treasurer a statement, verified by oath, showing the gross receipts from the business of said jitney during the preceding calendar month and shall at the same time pay to the Borough Treasurer 5% of such gross receipts as a monthly franchise tax.
B. 
The sum paid to the Borough pursuant to this section shall be in lieu of all other municipal franchise taxes and license fees.