411

Upon the death of the owner of any medallion, the Taxicab Commission shall, at the option of the heirs, sell the medallion at auction to an approved buyer and pay the proceeds to the estate of the deceased, or transfer the registration of the medallion to an heir or group of heirs if the heir or group of heirs qualifies as an approved buyer, or reregister the medallion to any person, company, corporation, or partnership designated by the heirs which person, corporation, company, or partnership is an approved buyer.