(a) Upon receipt of the application the Clerk-Treasurer shall refer the matter to the Mayor who may, in his discretion, cause an investigation of the applicant's business and moral character to be made if he so deems it necessary for the protection of the public welfare.
(b) In the event the applicant's character or business responsibility is found to be unsatisfactory, then no license shall be issued. The result of the investigation shall be shown upon the application form.
(c) If, as a result of the investigation, the character and business responsibility of the application are found to be satisfactory, such shall be endorsed upon the application and the license shall be issued by the Clerk as hereinafter set forth.