(a) The Qualified Manager, intermediary, broker, actuary or auditor when permitted by its articles of incorporation, articles of organization, operating agreement, or charter, may apply to the SAM for a license to do all alternative business.
(b) To conduct asset securitization and insurance securitization business in this Territory, the Qualified Manager, intermediary broker, actuary and auditor shall:
(1) obtain from the SAM a license authorizing it to conduct business in this Territory;
(2) hold at least one board of directors meeting, or in the case of a limited liability company a meeting of the managing board, each year in this Territory;
(3) maintain its principal place of business in this Territory, including books and records; and
(4) appoint a resident agent to accept service of process and to otherwise act on its behalf in this Territory.
(c) Before receiving a license the Qualified Manager, intermediary, broker, actuary, or auditor:
(1) if formed as a corporation or a nonprofit corporation, shall: file with the SAM a certified copy of its articles of incorporation and bylaws, a statement under oath of its treasurer or other authorized officer showing its financial condition, and any other statements or documents required by the SAM; or
(2) if formed as a limited liability company, shall file with the SAM a certified copy of its articles of organization and operating agreement, a statement under oath by its managers showing its financial condition, and any other statements or documents required by the SAM.