The Board of Aldermen, upon receipt of a clear cut, significant violation of the rules and regulations set forth in § 113.40 and § 113.41 shall direct the Town Clerk to inform the licensee of a hearing to be held within five days. The notice will be in writing and proof of delivery required. The Board shall review the charges of violation and the licensee shall have the opportunity to either refute the charges or offer evidence of extenuation or mitigation. The licensee shall have the right to benefit of counsel, at his expense, in the hearing. The Board, after hearing the case, shall determine the appropriate action to be taken, i.e., specified suspension, revocation, warning, or dismissal of charges.