(a) The Commission shall promulgate all such rules and regulations as may be pertinent for the proper direction, administration, supervision and control of all boxing and wrestling activities. Such regulations shall govern, without limitation, the contracting for boxers and wrestlers in any boxing or wrestling activity, and no contract shall be effective without the approval of the Commission; the issuance of licenses and permits; the fixing of bonds and other guarantees, including bonds for the operation of any stadium, court, ball park, or any other place of a similar nature, devoted to boxing or wrestling purposes in the amount and in the form that the Commission may prescribe to answer for the payment of any tax levied on such stadium, court, ball park, or similar places, as well as for any claim for damages arising through the operation of such stadium, court, ball park, or other structure devoted to boxing or wrestling; the provisional suspension, cancellation, or revocation of licenses and permits; the duties, attributes and obligations of the personnel of the Commission, and of any other personnel employed in the operation and maintenance of public boxing or wrestling parks and places, and any other boxing or wrestling activities. The Commission shall have power to summon and examine witnesses and compel their appearance, and it may punish for contempt by a maximum fine of fifty (50) dollars for any unjustified disobedience to its orders, including any summons to appear before it. The Commission may administer oaths in the matters and investigations before it; it may also direct the examination of the books, records, and documents of any natural or artificial person who promotes boxing or wrestling activities for the purpose of any investigation or proceedings pending before it; and it may enter any directives or special orders that may be necessary.
(b) Any violations of the rules and regulations of the Commission shall be considered a misdemeanor, and shall be punished by a fine of not more than five hundred (500) dollars, or by imprisonment in jail for not more than three (3) months, or by both.
(c) All admission tickets to any boxing or wrestling activities shall be duly countermarked or countersigned by the Commission in order that the latter may have the effective power to prevent said tickets from being sold at an excessive price, or from being issued in excess of the capacity of the building, park, or place in which the respective boxing or wrestling event is to be held. Any person who permits, or helps to sell or purchase, or who sells or purchases for resale, admission tickets to boxing or wrestling events without the same being properly countermarked or countersigned by the Commission or who sells or helps to sell, or consents to the sale of, admission tickets to any boxing or wrestling event at a price higher than that printed on said admission ticket, shall be guilty of a misdemeanor, and shall, upon conviction, be punished by a maximum fine of five hundred (500) dollars, or by imprisonment in jail for a term of three (3) months, or by both.