The Lieutenant Governor may, in special cases, grant an extension of time that shall not exceed thirty days from the date fixed for the filing of the annual reports of domestic or foreign corporations doing business in the United States Virgin Islands. The extension will be granted only after it has been determined, upon application filed on time, that the corporation will not be able, for good and sufficient reasons, to file its annual report within the time fixed by law. The provisions of section 372 or 374 of this title, whichever is applicable, shall be applied to any corporation that has been granted an extension of time but has failed to file its annual report within such extended time.