When and if the Director of Public Safety-Service desires to commission private policemen as authorized in Ohio R. C. 737.05, the appointment shall be made and become and continue to be effective only upon the observance of the following rules and regulations:
(a) Application shall be made in writing by the person desiring to be appointed, to the Director and shall state that, in case the appointee is commissioned, he will furnish an indemnity bond in the sum of one hundred thousand dollars ($100,000) signed by himself, his employer and one other person or a surety company, conditioned that the signers of the bond will indemnify and save the City harmless from any and all debts, demands, claims, damages, actions and causes of actions whatsoever in any way caused by or arising out of the granting of a commission to the applicant as a private policeman.
(b) The appointment and employment by virtue of the commission shall allow and permit the private policeman to preserve the peace and protect persons and property only upon the private premises of the employer and, on such premises, to arrest and detain persons violating the laws of the State or ordinances of the City which are of a penal nature; or protecting persons upon the premises or property thereon until a warrant for the arrest of the violator can be obtained.
(c) The City shall in no way be responsible to remunerate or reward the appointee.
(d) Each such private policeman shall wear a badge of police regulation size but it shall be impressed or imprinted with no other legend than the following: PRIVATE POLICE followed by the name of the employer.
(e) Such commissioned policeman shall have the right to bear or carry firearms only on the premises of his employer and only then when on active duty thereon.