(a) Twenty-five (25) or more persons, two-thirds of whom shall be residents of the United States Virgin Islands, who may desire to create an economic development corporation under the provisions of this chapter, for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the United States Virgin Islands and, to that […]
In furtherance of its purpose and in addition to the powers now or hereafter conferred on business corporations by the general corporation law of the United States Virgin Islands, corporations formed pursuant to this chapter shall, subject to the restrictions and limitations herein contained, have the following powers: (1) To elect, appoint, and employ officers, […]
(a) Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or trust indentures: (1) Any person, including all domestic corporations organized for the purpose of carrying on business within the United States Virgin Islands, and further […]
(a) Any financial institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acceptance of such application by said board. (b) Each member of the corporation shall make loans to […]
(a) Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation six (6) months in advance, a member may withdraw from membership in the corporation at the expiration date of such notice. (b) A member shall not be obligated to make any loans to […]
(a) The stockholders and members of the corporation shall have the following powers of the corporation: (1) To determine the number of and elect directors as provided in section 809 hereof; (2) To make, amend, and repeal bylaws; (3) To amend this chapter as provided in section 808; (4) To dissolve the corporation as provided […]
(a) The articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (⅔) of the votes to which the stockholders shall be entitled and two-thirds (⅔) of the votes to which […]
(a) The business and affairs of the corporation shall be managed and conducted by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation by its bylaws shall authorize. The board of directors shall consist of such number not less than fifteen (15) […]
Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half (½) of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus established herein shall […]
The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. […]
The corporation shall be examined at least once annually by the Banking Board and the corporation shall make an annual report of its financial condition to the Banking Board. The Banking Board shall forward copies of such annual reports to the Governor, Lieutenant Governor and the Legislature. The corporation shall also furnish such other information […]
(a) The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least ten (10) days before the day appointed for the […]
(a) The period of duration of the corporation shall be perpetual subject however, to the right of the stockholders and the members to dissolve the corporation prior to the expiration of said period. (b) The corporation may, upon the affirmative vote of two-thirds (⅔) of the votes to which the stockholders shall be entitled and […]
Under no circumstances shall the credit of the Government of the United States Virgin Islands be pledged to any corporation organized under the provisions of this chapter.
Any corporation organized under the provisions of this chapter shall be a state development company, as defined in the Small Business Investment Act of 1958, Public Law 85–699, 85th Congress, or any other similar federal legislation, and shall be authorized to operate on an island-wide basis.
Any tax exemptions, tax credits, or tax privileges granted to banks, saving and loan associations, trust companies, and other financial institutions by any general laws are granted to corporations organized pursuant to this chapter.
Corporations organized under this chapter shall adopt the calendar year as their fiscal year.
The provisions of this chapter are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions.
