(a) A certificate of authority of a foreign limited liability company to transact business in the Virgin Islands may be revoked by the Lieutenant Governor in the manner provided in subsection (b) of this section if:
(1) the company fails to:
(i) pay any fees, taxes, and penalties owed to the Government of the Virgin Islands;
(ii) deliver its annual report required under section 1211 of this chapter to the office of the Lieutenant Governor within 60 days after it is due;
(iii) appoint and maintain an agent for service of process as required by this subchapter; or
(iv) file a statement of a change in the name or business address of the agent as required by this subchapter; or
(2) a misrepresentation has been made of any material matter in any application, report, affidavit, or other record submitted by the company pursuant to this subchapter.
(b) The Lieutenant Governor may not revoke a certificate of authority of a foreign limited liability company unless the Lieutenant Governor sends the company notice of the revocation, at least 60 days before its effective date, by a record addressed to its agent for service of process in the Virgin Islands, or if the company fails to appoint and maintain a proper agent in the Virgin Islands, addressed to the office required to be maintained by section 1109 of this chapter. The notice must specify the cause for the revocation of the certificate of authority. The authority of the company to transact business in the Virgin Islands ceases on the effective date of the revocation unless the foreign limited liability company cures the failure before that date.