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(a) The Caribbean Cultural Heritage Center and Discovery Park Corporation is established as a body corporate and politic constituting a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands. The Corporation shall be a corporate body, intended, created, and empowered to effectuate the purposes stated in this chapter. The existence of the Corporation shall be perpetual and separate from the Government.
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(b) The Corporation may acquire, equip, construct, own, operate and finance one or more convention facilities, parking facilities, hospitality facilities, cultural entertainment centers/parks or other historical renovations.
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(c) In addition to any other powers or authority conferred by this chapter, the Corporation shall have all the powers as are conferred upon corporations by the laws of the Virgin Islands to the extent not inconsistent with or restricted by the provisions of this chapter, and may exercise all its powers within or outside the Virgin Islands to the same extent natural persons might do, including the power to:
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(1) Adopt, amend, repeal, and enforce bylaws, rules, regulations, and procedures as it determines appropriate to the government of its affairs and the conduct of its business and which are not inconsistent with this section;
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(2) Sue and be sued, and to complain and defend, in its own name;
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(3) Adopt, alter and use a corporate seal, which shall be judicially noticed, but the absence of the seal on a contract or other documents shall not affect its validity;
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(4) Acquire, purchase, hold, lease, sell, assign, pledge, or convey real and personal property, contract rights, general intangibles, revenues, moneys, and accounts as may be proper or expedient to carry out the purposes of the Corporation and this chapter, and to assign, convey, sell, transfer, lease or otherwise dispose of such property;
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(5) Elect, appoint, and employ such officers, agents, and employees as the Corporation deems advisable to operate and manage the affairs of the Corporation, and to define their duties and fix, adjust, and define their compensation as it determines to be appropriate;
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(6) Make, execute, or perform contracts, commitments, agreements, trust indentures, and other instruments and agreements, including, as approved by its board, investment contracts, swap agreements and other hedging transaction agreements, liquidity facilities, insurance agreements, or reinsurance agreements, necessary, or convenient to accomplish the purposes of the Corporation and this chapter;
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(7) Issue bonds, notes, and other obligations;
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(8) Select, retain, and employ professionals, contractors, or agents that are necessary, or convenient to enable or assist the Corporation in carrying out the purposes of the Corporation;
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(9) Indemnify or insure members of the board and officers of the Corporation as it determines appropriate;
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(10) Purchase insurance or self-insure against loss in connection with its property and other assets or other risks, in such amounts and from such insurers as it determines appropriate; and
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(11) Perform any act necessary or convenient to carry out the purposes of the Corporation, but not inconsistent with the Revised Organic Act, as amended, applicable federal law or Virgin Islands law.
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(d) All operating and administrative expenses of the Corporation necessary for the proper business of the Corporation and budgeted at the time of the issuance of the bonds or in any successive year and costs of issuance of the bonds shall be paid by the Corporation from capital, revenue or bond proceeds.
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(e) No assets or earnings of the Corporation shall inure to a private board of directors.
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(f) All assets and income of the Corporation shall be exempt from Virgin Islands taxation.
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(g) The Corporation shall have and maintain a calendar fiscal year.
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(h) A certified independent public accountant, appointed by the Board of Directors of the Corporation, shall conduct an annual audit of the accounts and records of the Corporation.
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(i) The Corporation shall indemnify, defend and hold harmless the Government, the PFA, their officials, directors, appointees and employees from any and all claims relating to the acquisition, creation, construction, financing, leasing or operation of the Carifest Cultural Center and Park.
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(j) No law governing procurement or administrative procedures or personnel applies to the Corporation, its activities, board members, officers, or employees, except as otherwise provided for in this chapter.