(a) After October 30, 1978, no person, company, corporation, or partnership may register an automobile for hire or purchase license plates therefor or own an automobile for hire enterprise within the Virgin Islands who has not first obtained an automobile-for-hire medallion as provided by this subchapter.
(b) Automobile-for-hire medallions (hereinafter referred to as “medallions”) shall be sold by the Taxicab Commission in the manner provided by this subchapter. The Taxicab Commission shall cause to be minted such medallions as may be required to carry out the purposes of this subchapter. Medallions shall consist of a metal plaque of such design as may be determined by the Taxicab Commission. Each medallion shall bear on its face a permanent registration number different from that of any other medallion, and shall be marked for the island for which it is to be issued.
(c) The Taxicab Commission shall sell to any person, company, corporation, or partnership who owned on May 12, 1978, a valid set of Virgin Islands license plates issued for an automobile for hire, one medallion for each such set of plates owned. The Taxicab Commission shall charge twenty-five dollars for each medallion sold. In the calendar year beginning January 1, 1979, and in each calendar year thereafter the Taxicab Commission shall sell no more than ten new medallions each year. New medallions sold on and after January 1, 1979, shall be sold to the highest bidder from among approved buyers as provided by section 410 of this title; provided, however, that on December 15 and 16 of each year or on the next available business days thereafter, a minimum of six new medallions shall be sold at auction exclusively to approved buyers who are Virgin Islands veterans, and of the six eligible buyers, two shall be residents of St. Thomas, two shall be residents of St. Croix, and two shall be residents of St. John. Any person who purchases a medallion at auction pursuant to this subsection is prohibited from transferring said medallion by sale, lease or otherwise, within three years of said purchase. The three-year prohibition on leasing medallions does not apply to veterans. The revenues from the sale under this section shall be deposited in the Taxicab Commission Fund of the Virgin Islands Treasury.