(a) Subject to any limitations or provisions to the contrary in its articles of incorporation, any corporation incorporated under this chapter, or which transfers its domicile into the United States Virgin Islands under this chapter, and for which the Lieutenant Governor would issue a certificate of good standing, may, by a resolution of directors or stockholders, continue as a corporation incorporated under the laws of a jurisdiction outside the United States Virgin Islands in the manner provided under those laws.
(b) A corporation incorporated under this chapter, or which transfers its domicile into the United States Virgin Islands under this chapter, that continues as a corporation incorporated under the laws of a jurisdiction outside the United States Virgin Islands does not cease to be a corporation incorporated under this chapter unless the laws of the jurisdiction outside the United States Virgin Islands permit the continuation and the corporation has complied with those laws.
(c) The resident agent of a corporation incorporated under this chapter, or which transfers its domicile into the United States Virgin Islands under this chapter, that continues as a corporation incorporated under the laws of a jurisdiction outside the United States Virgin Islands, may, after the continuation of the company under the laws of the foreign jurisdiction, submit to the Lieutenant Governor an affidavit to the effect that the company has continued its incorporation under the laws of the named foreign jurisdiction and the Lieutenant Governor shall file the affidavit. Upon filing of the affidavit, the Lieutenant Governor shall issue a certificate of discontinuance and the corporation shall no longer be liable for annual franchise taxes or other fees.
(d) Where a corporation incorporated under this chapter, or which transfers its domicile into the United States Virgin Islands under this chapter, is continued under the laws of a jurisdiction outside the United States Virgin Islands:
(1) the corporation continues to be liable for all of its claims, debts, liabilities and obligations that existed prior to its continuation as a corporation under the laws of the jurisdiction outside the United States Virgin Islands;
(2) no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause existing, against the corporation or against any stockholder, director, officer or agent thereof, is released or impaired by its continuation as a corporation under the laws of the jurisdiction outside the United States Virgin Islands;
(3) no proceedings, whether civil or criminal, pending by or against the corporation, or against any stockholder, director, officer or agent thereof, are abated or discontinued by its continuation as a corporation under the laws of the jurisdiction outside the United States Virgin Islands, but the proceedings may be enforced, prosecuted, settled or compromised by or against the corporation or against the stockholder, director, officer or agent thereof, as the case may be; and
(4) service of process may continue to be effected on the resident agent of the corporation in the United States Virgin Islands in respect of any claim, debt, liability or obligation of the corporation during its existence as a corporation incorporated under this chapter, or when domiciled in the United States Virgin Islands under this chapter.