For satisfactory cause to him shown, the director of finance may grant extensions of time to corporations to which this chapter is applicable, as follows:
(1) He or she may extend for not more than one year the time within which any such corporation may commence business. Such extension shall only be made by an order under his or her hand and official seal;
(2) He or she may extend, for not exceeding twenty days, the time within which any such corporation is required to make and file any report to the director;
(3) In all other cases where, by any provision of this chapter, he or she is given power to grant extensions of time, it shall be within his or her sound discretion to grant such extension.