After filing the application, unless the Commissioner declines to issue the license, or revokes it after issuance, all private investigative agencies, and all watchman, guard or patrolman agencies, shall notify the Commissioner within ten days of the removal, replacement or addition of any or all partners and officers of the corporate agency, and upon receipt of application forms from the Commissioner, shall cause the same to be completed by the new partner or officer and the same shall be filed with the Commissioner and an application fee of $25 paid. The agency's good standing under this chapter shall be contingent upon the Commissioner's approval of any such new partner or officer.