Section 19-512. Transferability of taxicab licenses issued prior to the effective date of this chapter

a.  Any  taxicab  license  first  issued  prior  to  July sixteenth, nineteen hundred seventy-one, and in force on
  such date,  and  any  renewals  thereof,  shall  be  transferable  to  a
  transferee  who  has  demonstrated to the satisfaction of the commission
  that he is qualified to assume the duties and obligations of  a  taxicab
  owner,  provided  that  either  the  applicant  or  his or her vendor or
  transferor shall have filed a bond to cover  all  the  outstanding  tort
  liabilities  of the vendor or transferor in excess of the amount covered
  by a bond or insurance policy which is in effect pursuant to the vehicle
  and traffic law of the state of New York.
    b. No voluntary sale or transfer of such taxicab license may  be  made
  if  a  judgment  has  been filed within the city against the holder of a
  license and remains unsatisfied and notice of  said  judgment  has  been
  filed with the commission, except that a transfer may be permitted if an
  appeal  is  pending  from an unsatisfied judgment and a bond is filed in
  sufficient amount to satisfy  the  judgment.  A  transfer  may  also  be
  permitted  without  filing  a  bond  as  set  forth  in this subdivision
  provided that all the judgment creditors of unsatisfied  judgments  file
  written  permission  for such a transfer with the commission or provided
  that the proceeds of sale are paid into court or held in escrow on terms
  and conditions approved by the commission which will have the effect  of
  protecting the rights of all parties who may have an interest therein.
    c.  An  owner's  interest  in  such taxicab license may be transferred
  involuntarily and disposed of by public or  private  sale  in  the  same
  manner   as   personal   property  provided,  however,  that  upon  such
  involuntary transfer the owner's license shall immediately be  cancelled
  and a new license issued to the purchaser or his or her vendee, provided
  that  such purchaser or vendee satisfied the requirements of subdivision
  (a) hereof, except that if the judgment against the involuntary transfer
  is by reason of a tort judgment against the involuntary  transferor,  no
  bond need be provided with respect to the same judgment.
    d.  The  commission  may charge a fee of one hundred sixty dollars for
  its administrative expenses in connection with the transfer  (i)  of  an
  owner's  interest  in  a  taxicab  license  transferable pursuant to the
  provisions of this section or (ii) of the stock in a  corporation  which
  is  an  owner  of a taxicab license that is transferable pursuant to the
  provisions of this section.