(1) application to the Commissioner for the license shall be made on forms furnished by the Commissioner;
(2) the license fee shall be $300 for each license year during any part of which the license is in force; and
(3) prior to issuance of license the applicant shall file with the Commissioner and thereafter for as long as the license remains in effect he shall keep in force a bond in favor of the Government of the Virgin Islands in the penal sum of $10,000, with authorized corporate sureties approved by the Commissioner, conditioned that he will conduct business under the license in accordance with the provisions of this chapter and that he will promptly remit the taxes provided in section 662 of this title. No such bond shall be terminated unless not less than 30 days prior written notice thereof is filed with the Commissioner.