Upon receipt of each application, it shall be referred by the Village Clerk to the Chief of Police, who shall immediately investigate the business and moral character of the applicant, its agents and employees, if any. The Chief of Police shall promptly return the application to the Village Clerk, listing his findings as to the business and moral character of the applicant and its agents and employees. If upon investigation the applicant's character or the character of its agents and employees, if any, is found unsatisfactory, no license shall be issued.
('73 Code, § 32.04)