(1) No rate, tariff, or regulation shall be approved or prescribed by any first class or second class city, except after due and reasonable notice to each and every taxicab operator affected shall have been given and after adequate opportunity to be heard with respect thereto shall have been afforded to each and every taxicab operator.
(2) Any rate, tariff, or regulation approved, disapproved, prescribed, or rejected shall be subject to judicial review.
(3) On review, they shall be sustained if reasonable and adequate to permit a fair, just, and reasonable return to the operator.
(4) If unreasonable, confiscatory, or inadequate to permit a fair and reasonable return to the operator, they shall be annulled.
(5) No court shall, in any event, however, have any power or jurisdiction to make or fix rates, tariffs, or regulations.
(6) All rates, tariffs, and regulations initiated, prescribed, approved, or enforced by any municipality shall apply equally and uniformly to all taxicab operators in the municipality.