(a) To aid the Insular Government in the performance of its duties to develop the economy of the Virgin Islands, there is hereby created, as a discrete but integral part of the Economic Development Authority established in chapter 21 of title 29, Virgin Islands Code, “The Economic Development Bank for the United States Virgin Islands” […]
The Charter of the Bank shall be as follows: CHARTER First: The existence of the Bank shall be perpetual. Second: The principal office of the Bank shall be at St. Thomas, Virgin Islands, and no less than one branch on St. Croix. Third: The purpose for which the Bank has been formed is to accelerate […]
The debts or obligations of the Bank shall not be debts or obligations of the Government of the Virgin Islands.
The Bank shall make and submit to the Governor of the Virgin Islands, the Legislature and the Banking Board a written report of its condition as of the last day of each month, in such manner as the Banking Board shall prescribe. Such report shall include the total amount of outstanding loans guaranteed by a […]
The Bank shall file with the Banking Board in the office of the Lieutenant Governor of the Virgin Islands, annually, within ninety days after the close of its fiscal year, a report in compliance with Title 9, section 64, Virgin Islands Code.
The Bank shall be subject to examination and supervision by the Banking Board of the Virgin Islands, in accordance with the terms of the Banking Law applicable to banks organized under or subject to the provisions thereof; provided, however, that no fee shall be required to be paid by the Bank in connection with any […]
If, in consequence of an examination or a report made by an examiner, the Banking Board shall have reason to believe that the Bank is not in sound financial condition or that its affairs are conducted in such a manner as to endanger its funds or other assets, or if the Bank shall refuse to […]
If any director of the Bank shall violate or knowingly or negligently permit any of the officers, agents or employees of the Bank to violate any laws or any of the provisions of the Charter of the Bank, the matter shall be reported to the Governor. Upon receiving such report the Governor shall call a […]
All transfers of notes, bonds, bills of exchange or credits of the Bank or of deposits to the credit thereof, and all assignments of mortgages, security on real property or of judgments or decrees in favor of the Bank, and all deposits of money, or other things of value and all payments of money to […]
Any officer, employee or agent of the Bank who embezzles, abstracts or willfully misapplies any moneys, funds, credits or securities of the Bank, or who, without being duly authorized, issues or draws any certificate of deposit, draws any order or bill of exchange, mortgage, judgment or decree for, or who makes any false entry in […]
In view of the inclusion in this chapter of all necessary and pertinent provisions similar to provisions contained in the Banking Law, none of the provisions of the Banking Law, except as referenced herein, shall apply to the Bank, its directors, officers, employees or agents.
Nothing in this chapter shall be construed as exempting the Economic Development Bank for the Virgin Islands from any law made specifically applicable thereto or generally applicable to independent instrumentalities of the Government of the Virgin Islands, whether such law was enacted before, on, or after February 14, 1980.
If any provisions of this chapter or the application of such provisions to any person or circumstance shall be held invalid, the remainder of the chapter and the application of such provisions to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.
The capital of the Bank shall initially consist of $5,000,000 in equity, $2,500,000 from any banking institution and $2,500,000 from the Government of the Virgin Islands. Other sources that may be utilized as capital include, but are not limited to unutilized surpluses from the 1991–1993 Hugo bond issues, the Government Development Fund established by the […]
Any banking institution having an officer on the Bank’s Board of Directors or entering into a financing relationship with the Bank shall not be subject to lender liability arising from the Bank’s conduct, unless the banking institution’s conduct is determined by a court of competent jurisdiction to constitute willful wrongdoing or gross negligence.
(a) There is hereby established a Commission for the Preservation of Small Businesses for the purpose of providing assistance to small businesses, as defined in Title 11, section 1252 of this Code, in order to prevent them from closing. The Commission shall consist of five members appointed by the Board of Directors. Each agency head […]
(a) All personnel of the Government of the Virgin Islands who are being utilized solely in the exercise of any of the powers, duties and functions vested in the Economic Development Bank upon the effective date of this section shall be transferred to the Economic Development Bank. (b) Any employee of the Government of the […]
