(a) Except in the case of an exempt insurer and an exempt international banking facility, no exempt company shall be required to obtain a license to do business in the United States Virgin Islands unless such company:
(1) revokes its election to be an exempt company; or
(2) commences doing business in the United States Virgin Islands.
Notwithstanding the preceding sentence, an exempt company which, in violation of section 852 of this chapter, conducts business in the United States Virgin Islands, shall be subject to the penalties set forth in Title 27, chapter 9, Virgin Islands Code.(b) Holding meetings of shareholders or directors, or maintaining the principal office required by section 51 of this title, shall not be deemed as doing business in the United States Virgin Islands.
(c) An exempt insurer and an exempt international banking facility shall be licensed in accordance with Titles 22 and 9, Virgin Islands Code, respectively.