In the event of cancellation of the policy of insurance or bond required under the provisions of this article, then the license card or plate to be displayed in the taxi and also the metal plates to be affixed to the taxi shall become null and void and shall immediately be surrendered by the owner of the taxi to the chief of police of such county and the operation of the taxi after the cancellation of such insurance or bond or the failure to surrender such plates shall be a violation of this article.