§ 703. Corporations organized under other provisions of law
The provisions of this chapter shall not apply to corporations heretofore or hereafter duly organized under any other provisions of law.
§ 704. Organization
(a) Notwithstanding any other provision of law, one or more individuals duly authorized by law to render the same professional service within the United States Virgin Islands may organize, or cause to be organized, a professional service corporation for pecuniary profit under this chapter for the purpose of rendering the same professional service, except that […]
§ 705. Rendering of professional service
(a) No professional service corporation may render professional services except through individuals authorized by law to render such professional services as individuals. (b) Each final plan and report made or issued by a corporation practicing professional engineering, architecture, landscape architecture or land surveying shall bear the name and seal of one or more professional engineers, […]
§ 706. Professional relationships and liabilities
(a) Each shareholder, employee or agent of a professional service corporation shall be personally and fully liable and accountable for any negligent or wrongful act or misconduct committed by him or by any person under his direct supervision and control while rendering professional services on behalf of such corporation. (b) The relationship of an individual […]
§ 707. Purposes of incorporation
No professional service corporation shall engage in any business other than the rendering of the professional services for which it was incorporated; provided, that such corporation may invest its funds in real estate, mortgages, stocks, bonds or any other type of investments.
§ 708. Issuance of shares
A professional service corporation may issue shares only to individuals who are authorized by law to practice in the United States Virgin Islands a profession which such corporation is authorized to practice and who are or have been engaged in the practice of such profession in such corporation of a predecessor entity, or who will […]
§ 709. Directors and officers
No individual may be a director or officer of a professional service corporation unless he is authorized by law to practice in the United States Virgin Islands a profession which such corporation is authorized to practice and is either a shareholder of such corporation or engaged in the practice of his profession in such corporation.
§ 710. Disqualification of shareholders, directors, officers and employees
If any shareholder, director, officer or employee of a professional service corporation who has been rendering professional service to the public becomes legally disqualified to practice his profession within the United States Virgin Islands, he shall sever all employment with, and financial interests (other than interests as a creditor) in, such corporation forthwith or as […]
§ 711. Death or disqualification of shareholders
(a) A professional service corporation shall purchase or redeem the shares of a shareholder in case of his death or disqualification pursuant to the provisions of section 710, within six months after the appointment of the executor or administrator or other legal representative of the estate of such deceased shareholder, or within six months after […]
§ 712. Transfer of shares
No shareholder of a professional service corporation may sell or transfer his shares in such corporation except to another individual who is eligible to have shares issued to him by such corporation or except in trust to another individual who would be eligible to receive shares if he were employed by the corporation. Nothing herein […]
§ 713. Corporate name
(a) Notwithstanding any other provision of law, the name of a professional service corporation may contain any word which, at the time of incorporation, could be used in the name of a partnership practicing a profession which the corporation is authorized to practice, and may not contain any word which could not be used by […]
§ 714. Business corporation law applicable
Chapter 1 or chapter 15 of this title shall be applicable to a professional service corporation except to the extent that the provisions thereof conflict with this chapter. A professional service corporation may consolidate or merge only with another corporation organized under this chapter and only if all of the professions practiced by such corporations […]
§ 715. Annual statement
Each professional service corporation shall, on or before the first day of July of each year, furnish a statement to the licensing authority listing the name and residence address of each shareholder, director and officer of such corporation and certifying that all such individuals are authorized by law in the United States Virgin Islands to […]
§ 716. Regulation of professions
This chapter shall not repeal, modify or restrict any provision of Title 27, or chapter 27 of Title 4 regulating the professions referred to therein.
§ 717. Corporate mergers and consolidations
Notwithstanding any inconsistent provision of this chapter, a professional service corporation, pursuant to the provisions of chapter 1, subchapter IX of this title, may be merged or consolidated with another corporation formed pursuant to the provisions of this chapter or with a foreign corporation, provided that the corporation which survives or which is formed pursuant […]