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(a) A corporation shall elect to be a VIFSC, if it is created under the laws of the United States Virgin Islands and it declares, or is deemed to have declared, its intent to elect to become a VIFSC in the manner described in section 431(a)(1) of this title.\n(b) A corporation that is in good standing as of the effective date of this section, and which, as of the day prior to such effective date, was a foreign sales corporation, as defined in section 770 of this chapter as in effect as of that day may elect to be treated as a VIFSC if, prior to, or within twelve months of such effective date, it amends it articles of incorporation to conform with section 431(a)(1) of this title, as amended, or otherwise files a document with the Lieutenant Governor evidencing its intent to be treated as a VIFSC. Such election, if timely filed after such effective date, will be deemed to be effective as of such effective date.