§ 488. Bonds; authorization of issuance; security; tax exemption; terms and conditions
(a) Pursuant to the authority of the Government of the Virgin Islands under section 8(b) of the Revised Organic Act of the Virgin Islands, as amended, the Corporation is hereby granted the power to issue and sell bonds from time to time and have outstanding at any one time, exclusive of bonds issued solely for […]
§ 488A. Bonds: powers of the Corporation with respect to industrial revenue bonds
In any resolution or resolutions authorizing the issuance of bonds, the Corporation may contract with the holders of bonds to undertake and obligate itself by such commitments, as long as the bonds are outstanding and unpaid, as are deemed by the Board to be necessary and appropriate for the protection of the bondholders and the […]
§ 488B. Bonds: right to receivership upon default
(a) The Corporation is authorized to covenant for foreclosure of any of its projects upon default as hereinafter set forth in subsections (b) and (c) of this section inclusive, or to limit such right by definition of default or otherwise, in its agreement with the bondholders. (b) In the event that the Corporation shall default […]
§ 488C. Bonds: remedies of bondholders
(a) Subject to any contractual limitations binding upon the holders of any issue of bonds, or trustees therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or trustee therefor, shall have the right and power, for the […]
§ 488D. Bonds: bonds of the Corporation as legal investments for public or private funds
(a) The bonds of the Corporation are hereby made securities in which all public officers and bodies of the Virgin Islands and all agencies, instrumentalities, commissions, authorities, and political subdivisions thereof, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks and savings associations, including […]
§ 484. Corporate purposes
The corporate purposes of the Corporation shall be the same as those purposes set forth in section 480 of this chapter.
§ 485. Board of Directors
(a) Composition. The powers of the Corporation shall be exercised by a seven member Board of Directors. (1) The Board of Directors shall consist of: (A) the Chairman of the Board of Trustees of the University of the Virgin Islands and the President of the University of the Virgin Islands as ex-officio members with a […]
§ 486. Board of Directors; powers and duties
The Board of Directors shall have the following powers and duties to effectuate the purposes of this chapter, including but without limiting the generality of the foregoing: (a) To do any and all things permitted under the laws of the Virgin Islands to effectuate the purposes of this chapter and chapter 42 of this title; […]
§ 487. Executive Director; powers and duties
The Board may appoint an Executive Director of the Corporation, who shall have the following powers and duties: (a) To hire and remove employees of the Corporation for cause; (b) To be responsible for the general administration of the Corporation; (c) To have such other powers and duties as the Board may deem proper.
§ 487A. Taxation of the Corporation
The purposes for which the Corporation is created and shall exercise its powers being essential public purposes, the Corporation, its property, income and activities, shall be exempt from all taxes, special assessments and license fees of the Virgin Islands or any political subdivision thereof.