§ 817. Tax credits and privileges
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.
§ 818. Fiscal year
Corporations organized under this chapter shall adopt the calendar year as their fiscal year.
§ 819. Severability
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.
§ 816. Designation as state development company
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.
§ 807. Powers of stockholders and members; voting
(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 […]
§ 808. Amendment of articles of incorporation
(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 […]
§ 809. Management of corporation; officers and directors
(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) […]
§ 810. Earned surplus
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 […]
§ 811. Depository
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. […]
§ 812. Examination of corporation
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 […]