Any attorney licensed to practice in this Commonwealth who fails for two successive years to pay the annual fees provided for by § 54.1-3912, shall thereby forfeit his license to practice law in this Commonwealth. On or before July 31 of each year, the Executive Director of the Virginia State Bar shall notify every attorney whose fees for the two preceding years have not been paid. The notice shall be deemed to have been given if deposited by registered or certified mail addressed to such attorney at his address as shown on the Executive Director’s official records. If payment is not received by the Executive Director within six months from the date of such notice, he shall remove the name of the attorney from his list of persons qualified to practice law in Virginia, and shall notify the clerk of the Supreme Court of Virginia that the name of the attorney has been removed. The name of any attorney so removed shall be restored only upon application of such person to the Executive Director accompanied by a sum equal to the aggregate of all fees which are due, plus a penalty of $100. Upon receipt of the fees and penalty, the Executive Director shall restore the name of such person to his list of persons qualified to practice law in Virginia and shall notify the clerk of the Supreme Court of Virginia that such name has been restored.