In the event that any public taxi for which a license shall have been issued shall be permanently replaced by another car the owner shall within twenty-four hours after such replacement report it to the governing body of such county giving the necessary information to identify the taxi for which the license was issued and the taxi replacing it and such other information as the governing body may require and thereupon such license shall be transferred on the register of the governing body to the replacing car and be cancelled as to the replaced car if all the other provisions of this article shall be complied with.