Each individual applicant or, if the applicant is a partnership, each partner or, if the applicant is a corporation, the qualifying agent, must:
(1) Be at least twenty-one (21) years of age;
(2) Be a citizen of the United States or a resident alien;
(3) Not have been declared by any court of competent jurisdiction incompetent by reason of mental defect or disease unless a court of competent jurisdiction has since declared the applicant competent;
(4) Not be suffering from habitual drunkenness or narcotics addiction or dependence;
(5) Be of good moral character; and
(6) Possess at least three (3) years of experience as a manager, supervisor or administrator with a contract security company or proprietary security organization;
(7) Possess at least three (3) years of experience satisfactory to the commissioner with any federal, United States military, state, county or municipal law enforcement agency; or
(8) Pass an examination to be administered at least twice annually by the commissioner, designed to measure knowledge and competence in the contract security company business.