The Town Board shall in its discretion determine the number of taxicab licenses to be issued. When in any year the number of applications for such licenses shall exceed the number authorized by the Town Board, the Chief of Police shall determine which applicants shall be licensed, such determination being based on the previous record, if any, of the applicants with respect to conditions of the vehicle, observance of the provisions of laws and ordinances affecting their operation and character of service, if any, rendered by each applicant. The determination of the Chief of Police with respect to each application shall be subject to review by the Town Board upon application by the prospective licensee.