(a) The purpose of this chapter is to provide for the creation of a protected cell corporation by the Legislature of the Virgin Islands to be owned by the University of the Virgin Islands Research and Technology Park Corporation, defined as the “Research and Technology Park Protected Cell Corporation,” as a means to provide Hosting […]
(a) There is hereby created by the Government of the Virgin Islands a protected cell corporation to be known as the Research and Technology Park Protected Cell Corporation. Such Research and Technology Park Protected Cell Corporation shall be governed by the Board of Directors of the Research and Technology Park Corporation. Upon the written approval […]
(a) The assets of any Protected Cell may not be charged with liabilities arising out of any other business of the Research and Technology Park Protected Cell Corporation or any other Protected Cell. (b) The income, gains and losses, realized or unrealized, from each Protected Cell must be credited to or charged against the Protected […]
(a) Creditors of a Protected Cell shall not be entitled to have recourse against the assets of other Protected Cells or the assets of the Research and Technology Park Protected Cell Corporation. (b) In no event shall the establishment of one or more Protected Cells alone constitute or be deemed to be a fraudulent conveyance, […]
Notwithstanding any contrary provision of this title, the rules and regulations promulgated under this title, or any other applicable law or regulation, upon any order of conservation, rehabilitation, or liquidation of the Research and Technology Park Protected Cell Corporation, the receiver shall be bound to deal with the Research and Technology Park Protected Cell Corporation’s […]
(a) The Research and Technology Park Protected Cell Corporation shall pay an annual franchise tax to the Department of Finance based on the worldwide gross receipts of each of the Corporation’s Protected Cells. Each Protected Cell with annual worldwide gross receipts less than or equal to $1,000,000 shall be subject to a franchise tax equal […]
Upon receiving a finding from the Board recommending a plan of operation for an Existing Business or a plan of operation of Protected Cell be approved, the Governor shall proceed to make his determination as to whether to approve the Board’s findings; and in this event the Board shall submit all relevant data and all […]
(a) Each Protected Cell shall get a Protected Cell Business License. (b) The Department of Licensing and Consumer affairs shall process a business license application for the Protected Cell applicant fifteen working days of the applicant’s submitting a completed application to the Department of Licensing and Consumer Affairs, or if a determination is not made […]
(a) Beneficiaries of the Economic Development Program pursuant to Title 29, chapter 12, of this Code, and beneficiaries of the Farmers, Fishermen and Consumers Assistance Program pursuant to Title 7, chapter 13, of this Code, shall not be eligible to receive benefits under this chapter during the period of their benefits under Title 29 or […]
The Research and Technology Park Protected Cell Corporation, each Protected Cell thereof, and all contracts or other agreements entered into by the Research and Technology Park Protected Cell Corporation shall be governed by the laws of the Virgin Islands.
The following records and information of the Research and Technology Park Protected Cell Corporation and information and records provided by Protected Cells to the Corporation shall be kept confidential, unless disclosure is otherwise ordered by a court of competent jurisdiction, or such information is requested by the Governor or any regulator or fiscal enforcement entities […]
