(1) Each combatant for a contest or exhibition shall be examined within thirty-six (36) hours prior to the contest or exhibition by a physician appointed by the commission. The physician shall forthwith and before such contest or exhibition report in writing and over his signature the physical condition of each and every combatant to the commissioner or agent present at such contest. Blank forms of physicians’ reports shall be provided by the commission and all questions upon such blanks shall be answered in full. At the discretion of the commission and immediately prior to a contest or exhibition, the commission may require a combatant to be examined by a physician appointed by the commission. No combatant whose physical condition is not approved by the examining physician shall be permitted to participate in any contest or exhibition. The promoter conducting such contest or exhibition shall pay the examining physician a fee in the amount designated by the commission. No contest or exhibition shall be held unless a physician is present throughout the contest or exhibition. The promoter shall pay the fees, in the amount designated by the commission, of the physician who is required to be present at a contest or exhibition.