The selectboard, city council, or trustees of a town, city, or incorporated village shall grant a license as provided in section 503 of this title upon application therefor and upon compliance by the applicant with such reasonable requirements as they may prescribe for the protection and safety of the public and the preservation of the public morals and upon payment of such fee as they may require, not to exceed $25.00 in case of an annual fee or $5.00 in case of a single dance.