(a) The Taxicab Commission shall keep and maintain an accurate Registry of Medallions which shall include each medallion registration number, the island for which it is valid, its owner, the attachment and cancellation of any lien or encumbrances against any medallion, the number of the set of license plates issued each medallion each year, any change in ownership of the medallion and such other information as the Taxicab Commission deems necessary. The Registry of Medallions shall be public information pursuant to Title 3, chapter 33, Virgin Islands Code.
(b) The owner of any medallion may sell the medallion to any approved buyer. The set of license plates for an automobile for hire issued to the seller of the medallion for that medallion may be transferred to the buyer after the inspection and registration of his vehicle as required by law, or destroyed and a new set of plates issued the buyer as determined by the Taxicab Commission. No sale of any medallion shall be valid until the Taxicab Commission has been notified of the sale, the buyer has been approved by the Taxicab Commission, and the transaction is noted in the Registry of Medallions.
(c) No person, company, corporation, or partnership may own more than two medallions at any one time, provided, however, that those persons, companies, corporations, or partnerships, who owned on May 12, 1978, more than two valid sets of Virgin Islands license plates for an automobile-for-hire may own no greater number of medallions than the number of such sets of plates owned on that date, and provided further that any person, company, corporation, or partnership owning more than two medallions may not purchase any other medallion while he is the owner of more than two medallions.
(d) Any person, company, corporation, or partnership desiring to purchase a medallion under this subchapter from either the Taxicab Commission or another medallion owner may do so if approved by the Taxicab Commission except that Virgin Islands veterans must also present their applications to the Director of the Office of Veterans Affairs to obtain a certification of eligibility before participation in any auction pursuant to section 407 of this subchapter. The Taxicab Commission shall, by regulation, establish criteria to insure that owners of medallions will in good faith, cause to be operated on the streets and highways of the Virgin Islands an automobile for hire in a manner acceptable to the public interest. Any potential buyer which the Taxicab Commission finds meets these criteria is an approved buyer under the meaning of this subchapter.
(e) Nothing in this section shall be construed as prohibiting an owner of a medallion from transferring his medallion between islands in the event that he changes his residence.
(f) Transfer of a medallion between the islands shall only be permitted with the express approval of the Taxicab Commission. No medallion so transferred shall be offered for sale for a period of five years following the date of the transfer. The Taxicab Commission shall only approve the transfer of a medallion when it is determined that a case of extreme hardship exists. If the Taxicab Commission determines that the transfer of the medallion being sought is for the purpose of effectuating the sale of the medallion, the Taxicab Commission shall immediately and without further consideration deny the transfer request. No more than two medallions shall be transferred between the islands in any calendar year.