No vehicle covered by the terms of this article shall be licensed whose color scheme, identifying design, monogram or insignia to be used thereon shall, in the opinion of the Council, conflict with or imitate any color scheme, identifying design, monogram or insignia used on a vehicle or vehicles already operating under this article, in such a manner as to be misleading or tend to deceive or defraud the public. Each taxicab shall bear on the outside of the vehicle, in painted letters not less than two inches nor more than four inches in height, the name of the taxicab company, and in addition may bear an identifying design and other information as approved by the Council.