Following receipt of an application or re-application, the Chief of Police shall, within twenty four (24) hours, either issue a permit for the holding of a parade or open air meeting, or reject the application with immediate notice to the Village Board. Permits may be rejected on the basis of improper or incomplete application, and reasons for rejection shall be made known to the applicant, in writing, at the time of rejection. The applicant shall be allowed to correct or complete said improper application and resubmit such application to the Chief of Police, the original seventy two (72) hour required advance notification time being still valid if a corrected application is resubmitted within twenty four (24) hours prior to the time of the event. If a corrected application is not received by the Chief of Police within twenty four (24) hours prior to the time of the event, a new period of forty eight (48) hours will be imposed prior to which the event may not be held. Such forty eight (48) hour period shall commence upon receipt of the corrected application. (1976 Code § 41.17)