Transfer of permit

No livery permit may be transferred until (1) application for such transfer has been made to the commission on the prescribed form; (2) the permit holder has demonstrated that he is performing service with reasonable frequency and continuity; (3) the transferee if an individual, or all corporate officers, if a corporation, have demonstrated fitness and propriety to perform livery service; and (4) the commission has approved the transfer and has reissued the permit in the name of the transferee.