(1) Any legal form or structure including that of a corporation, partnership, limited liability company, or other entity, may be used to create an entity for licensure as a bank, in accordance with this title, provided that such entity meets all requirements for capitalization, accountability, and other similar features as required by applicable federal and […]
(a) Any five or more persons of sufficient legal capacity may organize a bank; but for said purpose they shall first apply for a permit from the Banking Board, and such application shall be accompanied by a fee as promulgated by the Banking Board. Said application shall set forth and prove the need of the […]
Upon subscribing and swearing to the articles of incorporation, as provided in section 31 of this title, and upon submitting the two copies of the same to the Lieutenant Governor, together with the permit granted by the Banking Board authorizing the organization of the bank, and payment of the proper filing fee, and upon the […]
Before a bank shall begin to do business, the stockholders thereof shall hold a general meeting and adopt bylaws governing the corporation. A number of stockholders representing more than two-thirds of the paid-in capital shall be present at such meeting, and in order that any action taken shall be valid, the same must be approved […]
Notice to Banking Board of certificate of incorporation (a) Upon the issuing by the Lieutenant Governor of his certificate of incorporation, as provided in section 32 of this title, he shall so notify the Banking Board and at the same time shall transmit to the Board a duplicate copy of the articles of incorporation. Examination […]
Rights and liabilities of stockholders and creditors (a) No bank shall be organized and established in the United States Virgin Islands with a subscribed capital less than $500,000. The capital stock of each bank shall be divided into shares of $100 each, or into such shares of lesser amount as may be provided in the […]
If any shareholder neglects or refuses, after three months’ notice, to pay the assessment provided in subsection (d) or (e) of section 35 of this title, the Board of Directors shall cause a sufficient amount of the capital stock of such shareholder to be sold at public auction (upon thirty days’ notice to be given […]
All shares shall be recorded in a book which shall be kept for that purpose by each bank at its main office, in which book entry shall also be made of all subsequent transfers of said shares. Each certificate of stock shall contain a statement showing the par value of each share, and the amount […]
(a) Every bank organized under this title may amend its articles of incorporation by— (1) changing its name, subject to the provisions of section 5 of this title; (2) increasing or decreasing its authorized capital stock, subject to the minimum limit allowed by law; (3) changing the par value and number of shares of its […]
(a) The management of banks shall be under the control of a Board of Directors elected at a general meeting of the stockholders. The Board of Directors shall consist of at least five persons, one-third of the total number of whom shall be bona fide residents of the United States Virgin Islands, who shall hold […]
Banks established and doing business in the United States Virgin Islands prior to June 16, 1949, are not required to meet the provisions of incorporation in this title and the operating capital of the bank as of June 16, 1949, is deemed to have met the requirements of this title with respect to subscribed capital.
(a) No sale or exchange or acquisition of the voting capital stock issued by any bank or bank holding company organized under the provisions of this title that may result in the control or in a change in the control of a bank shall be made until the Banking Board has been notified of the […]
(a) Every bank or foreign bank in the United States Virgin Islands shall upon filing its articles of incorporation in the Office of the Lieutenant Governor pay a filing fee of $300. (b) Every bank or foreign bank desiring to file in the Office of the Lieutenant Governor articles amendatory or supplementary or certificates of […]
(a) The Lieutenant Governor, upon recommendation of the Banking Board, shall issue licenses to engage in the business of banking. No person or other entity may engage in the business of banking in the Territory without first obtaining a permit and otherwise complying with the provisions of this chapter. (b) Every bank, national banking association, […]
Every bank shall appoint a bona fide resident of the United States Virgin Islands as its resident agent on whom service of legal process against it can be made, and service upon such resident agent shall constitute service on the bank by whom such resident agent was appointed. Each bank shall at all times keep […]
