(a) The Board shall approve an application and issue the license for which application is made if the Board determines that:
(1) issuing the license is necessary for the accommodation of the public;
(2) the applicant is a fit person to receive the license for which application is made;
(3) the applicant has not made a material false statement in the application;
(4) the applicant has not acted fraudulently in connection with the application or the operation of the underlying business;
(5) if the license is issued, the operation of the business will not unduly disturb the peace of the residents of the neighborhood in which the business is to be located; and
(6) there are no other reasons, in the discretion of the Board, why the license should not be issued.
(b) The Board shall maintain a record of licenses issued.