Certificates of authority shall expire as of midnight on March 31 unless renewed. The commissioner shall promptly notify the automobile club of the occurrence of any failure resulting in impending expiration of its certificate of authority.
The commissioner may in his discretion upon the automobile club's request, made within three (3) months after expiration, reinstate and renew a certificate of authority which the automobile club had inadvertently permitted to expire, after the automobile club has fully cured all of its failures which resulted in expiration, and upon payment by the automobile club of a fee for reinstatement of Fifty Dollars ($50.00). Otherwise, the automobile club shall be granted another certificate of authority only after filing application therefor and meeting all other requirements as for an original certificate of authority in this state.