Sec. 3. Clubs Outside Corporate Limits. The commission may issue the appropriate permit upon the application of a club whose premises to be licensed are situated outside the corporate limits of an incorporated city or town if the club meets the following additional requirements:
(a) The club has been duly organized for social, athletic, or outdoor exercise purposes;
(b) The club requires and receives an annual membership fee of at least six dollars ($6.00);
(c) The club has an investment of not less than five thousand dollars ($5,000), in addition to investment in buildings, in grounds or fields especially prepared for athletic or physical exercise;
(d) The grounds or fields have been especially prepared for use for a period of at least six (6) months prior to the filing of the application for the permit; and,
(e) The grounds or fields have been patronized and used regularly during seasonable weather for physical exercise.