substitute
(2) A taxi licence, other than a restricted taxi licence, may be issued as—
(a) a transferable taxi licence for the term stated in the licence (a transferable leased taxi licence ); or
(b) a non-transferable taxi licence for the term stated in the licence (a non-transferable leased taxi licence ); or
(c) a taxi licence that is not limited to a term stated in the licence.
Note For the transferability of taxi licences, see the Act, s 41.