After receipt of an application pursuant to section 7-173, the municipal official, as defined in said section, shall, for any permit where the total aggregate prize would exceed seven thousand five hundred dollars, make or cause to be made an investigation of the qualifications of the applicant and the facts stated in the application and, if the municipal official determines that the applicant is qualified to hold, operate and conduct a bazaar or raffle under the provisions of sections 7-170 to 7-186, inclusive, that the members of the applicant designated in the application to hold, operate or conduct such bazaar or raffle are residents of this state, bona fide active members of the applicant and persons of good moral character and have never been convicted of a felony and that such bazaar or raffle is to be held, operated and conducted in accordance with the provisions of said sections, the municipal official shall issue a permit to such applicant.