1304

Every corporation applying for a license hereunder must be organized or authorized to do business, under the laws of the Virgin Islands. All applicants for licenses under this chapter who are natural persons, and all officers of corporate applicants must be citizens or permanent residents of the United States, and at least the president if he actively directs the business of the corporation or in the event the president does not actively direct the corporative business then the officer who does actively direct the business of the corporation shall have had at least three years experience. Provided, however, where the applicant is the purchaser of an existing agency, the experience requirement may, in the discretion of the Commissioner, be reduced to one year.