General rule
(a) Every receiver, trustee in bankruptcy, assignee for benefit of creditors, or other like fiduciary, and every executor (as defined in subsection (b) of this section), shall give notice of his qualification as such to the Director is such manner and at such time as may be required by regulations of the Director. The Director may by regulation provide such exemptions from the requirements of this section as the Director deems proper.
Definition of executor
(b) The term “executor” means the executor or administrator of the decedent, or, if there is no executor or administrator appointed, qualified, and acting within the Virgin Islands, then any person in actual or constructive possession of any property of the decedent.