Concurrently with the filing of the insurance policy referred to in §
287-7, each taxicab and limousine owner shall submit a power of attorney whereby the owner shall appoint the chief fiscal officer of the Township 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, as provided by N.J.S.A. 48:16-5 and N.J.S.A. 48:16-16.
Upon expiration of any license, the same may be renewed for an additional period of one year, upon application and payment of the license fee provided in §
287-9.