No owner's license shall be issued for any vehicle
herein required to be licensed until the owner thereof shall have filed an
application, in writing, addressed to the Board of Police Commissioners, setting
forth the character of the vehicle proposed to be licensed, the correct name
of the owner thereof, the residence of such owner and such other facts as
said Board of Police Commissioners may require and until the vehicle proposed
to be licensed shall have been inspected by said Board of Police Commissioners
or some person designated by such Board and until there shall have been paid,
to the Borough Clerk for the use of the Borough, the license fee hereinafter
provided and until said owner shall have filed, with the Clerk of the Borough
of Leonia, an insurance policy of a company duly licensed to transact business
under the insurance laws of this state, conditioned for the payment of a sum
of not less than $5,000 to satisfy all claims for damages, by reason of bodily
injury to or death of any one person, resulting from an accident and a sum
of not less than $10,000 to satisfy all claims for damages, by reason of bodily
injuries to or the death of all persons, on account of any such accident by
reason of the ownership, operation, maintenance or use of any such autocab
upon any public street, road or highway and conditioned for the payment of
a sum of not less than $1,000 to satisfy any claim for damages to property
of any one person resulting from an accident and a sum of not less than $5,000
to satisfy all claims for damages to property of all persons on account of
any such accident, by reason of the ownership, operation, maintenance or use
of such vehicle upon any public street, road or highway. Any such license
granted by virtue of this chapter shall continue effective, and such operation
shall be permitted only as long as such insurance shall remain in force. Such
insurance policy shall provide for the payment of any final judgment recovered
by any person on account of the ownership, maintenance or use of the vehicle
or any fault in respect thereto and shall be for the benefit of every person
suffering loss, damage or injury as aforesaid; provided, however, that if
such owner or owners operate more than one such vehicle, he or they may file
with the Clerk of the Borough of Leonia, in lieu of the aforementioned insurance
policy or policies, an insurance policy of a company duly licensed to transact
business under the insurance laws of the State of New Jersey, in the sum of
$50,000, which shall be a blanket insurance covering all vehicles operated
for the aforesaid purposes by such owner or owners, which shall provide for
the payment of any final judgment recovered by any person on account of the
ownership, maintenance and use of any such vehicle or any fault in respect
thereto and shall be for the benefit of every person suffering loss, damages
or injury, as aforesaid, and provided, further, that a power of attorney shall
be executed and delivered to the Clerk of the Borough of Leonia concurrently
with the filing of a policy or bond hereinbefore referred to, wherein and
whereby said owner shall nominate, constitute and appoint such fiscal officer
his true and lawful attorney for the purpose of acknowledging service of any
process out of a court of competent jurisdiction to be served against the
insured by virtue of the indemnity granted under the insurance policy filed.
Any such license may be revoked by the Mayor and Council of the Borough of
Leonia, after notice and hearing, whenever it shall appear that the person
to whom such consent was granted has failed to furnish or keep in force the
insurance and power of attorney herein required. The Police Department upon
the filing of the aforesaid policy shall issue to the person so filing, a
certificate, in duplicate, showing that such person has complied with the
terms and provisions of this chapter and with the provisions of N.J.S.A. 48:16-1
et seq. and such duplicate certificate shall be presented to the Department
of Motor Vehicles as provided in said Act. The original certificate issued
by said Police Department shall be posted in a conspicuous place with said
vehicle. The certificate shall recite the name of the insurance company, the
number of the policy, a description of the vehicle insured under such policy,
with the registration number of same and the date of expiration of the policy.