Every foreign bank which is engaged in banking operations in the United States Virgin Islands shall be under obligation to retain therein either as loans, bonds of the Government of the United States or of the Government of the United States Virgin Islands or obligations of the political subdivisions thereof, real property situate in the United States Virgin Islands, or in cash, an amount equal to 75 percent of the total amount of its deposits of residents in the United States Virgin Islands; provided, however, that checks, bills of exchange, drafts and other instruments deposited for collection shall not be considered as deposits of money until such checks, bills of exchange, drafts and other instruments have been collected and paid. The violation of this provision shall be sufficient cause for the cancellation of its license.
