(a) A registration pursuant to section 598 to manufacture, distribute, or dispense a controlled substance may be suspended or revoked by the Commissioner upon finding that the registrant—
(1) has materially falsified any application filed pursuant to or required by this chapter;
(2) has been convicted of a felony under this or any other law of the Virgin Islands, the United States, or of any State, relating to any substance defined in this chapter as a controlled substance; or
(3) has had his state license or registration suspended, revoked, or denied by competent state authority and is no longer authorized by state law to engage in the manufacturing, distribution, or dispensing of controlled substances.
(b) The Commissioner may limit revocation or suspension of a registration to the particular controlled substance with respect to which grounds for revocation or suspension exist.
(c) Before taking action pursuant to this section, or pursuant to a denial of registration under section 598 the Commissioner shall serve upon the applicant or registrant an order to show cause why registration should not be denied, revoked, or suspended. The order to show cause shall contain a statement of the basis thereof and shall call upon the applicant or registrant to appear before the Commissioner at a time and place stated in the order, but in no event less than thirty days after the date of receipt of the order. Such proceedings shall be independent of, and not in lieu of, criminal prosecutions or other proceedings under this chapter or any other law of the Virgin Islands.
(d) The Commissioner may, in his discretion, suspend any registration simultaneously with the institution of proceedings under this section, in cases where he finds that there is an imminent danger to the public health or safety. Such suspension shall continue in effect until the conclusion of such proceedings, including judicial review thereof, unless sooner withdrawn by the Commissioner or dissolved by a court of competent jurisdiction.
(e) In the event the Commissioner suspends or revokes a registration granted under section 598, all controlled substances owned or possessed by the registrant pursuant to such registration at the time of suspension or the effective date of the revocation order, as the case may be, may, in the discretion of the Commissioner, be placed under seal. No disposition may be made of any controlled substances under seal until the time for taking an appeal has elapsed or until all appeals have been concluded except that a court, upon application therefor, may at any time order the sale of perishable controlled substances. Any such order shall require the deposit of the proceeds of the sale with the court. Upon a revocation order becoming final, all such controlled substances (or proceeds of sale deposited in court) shall be forfeited to the Government of the Virgin Islands; and the Commissioner shall dispose of such controlled substances.