§ 712. Application to existing trusts
This chapter applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this chapter governs only decisions or actions occurring after that date.
§ 713. Uniformity of application and construction
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among the States enacting it.
§ 714. Severability
If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
§ 715. Short title
This chapter may be cited as “The International Financial Services Center Regulatory Act.”
§ 716. Definitions
As used in this chapter: (a) “Affiliate” means a corporation partnership, limited liability company business trust, or any other legal organization or entity that controls, is controlled by, or is under common control with any other of these entities. (b) “Bank Secrecy Act (BSA)” means the federal Bank Secrecy Act of 1970, as amended by […]
§ 717. Authority and duties of the Board
(a) The Board shall: (1) adopt, and may thereafter, from time to time, repeal, amend, or supplement regulations in order to comply with the provisions of this chapter; (2) collect fees for examinations and audits, receive monies and make disbursements according to its budget or as otherwise provided by law or regulations; (3) open and […]
§ 718. Interest rates and reserves
(a) International Financial Services Entities may never bear interest at an interest rate of less than five percentage points above the Federal Home Loan Mortgage Corporation’s posted yield on the last business day of the month on thirty-year standard conventional fixed-rate mortgages committed for delivery within sixty days, rounded to the nearest one-fourth percent, which […]
§ 719. Organization
(a) An international financial services entity may be: (1) any person, other than an individual, incorporated or organized under the laws of Virgin Islands, of the United States, or of any other country, or (2) constituted as a unit of another person, other than an individual, incorporated or organized under the laws of Virgin Islands, […]
§ 705. Duties at inception of trusteeship
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the […]
§ 706. Loyalty
A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.