Before being granted a license, or the renewal of such license, the applicant must establish to the satisfaction of the commission that he:
(a) Is skilled, or has knowledge, in the profession of boxing;
(b) Is of good moral character;
(c) Is physically fit and mentally sound;
(d) Will conduct his business in the best interest and welfare of the public, preserving the safety and health of participants and the best interests of professional boxing generally;
(e) Will adhere to and comply with all the rules and regulations of the commission pertaining to such license.
In the case of a corporate applicant, these factors shall pertain to its officers, directors, principal stockholders and employees.
Every license and licensee shall be subject to such rules and regulations, and amendments thereof, as the commission may prescribe.