Title 13 — Corporations and Associations
11 chapters · 349 sections in this title.
13 V.I.C. § 701 Short title
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This chapter may be cited as the “Professional Service Corporations Act of the Virgin Islands”.
13 V.I.C. § 702 Definitions
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(1) As used in this chapter:(1) Unless the context otherwise requires, the term “licensing authority” means the appropriate board or licensing agency established pursuant to Title 27 of the Virgin Islands Code for the purpose of examining and licensing all professions and occupat…
13 V.I.C. § 703 Corporations organized under other provisions of law
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The provisions of this chapter shall not apply to corporations heretofore or hereafter duly organized under any other provisions of law.
13 V.I.C. § 704 Organization
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(a) Notwithstanding any other provision of law, one or more individuals duly authorized by law to render the same professional service within the United States Virgin Islands may organize, or cause to be organized, a professional service corporation for pecuniary profit under thi…
13 V.I.C. § 705 Rendering of professional service
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(a) No professional service corporation may render professional services except through individuals authorized by law to render such professional services as individuals. (b) Each final plan and report made or issued by a corporation practicing professional engineering, architect…
13 V.I.C. § 706 Professional relationships and liabilities
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(a) Each shareholder, employee or agent of a professional service corporation shall be personally and fully liable and accountable for any negligent or wrongful act or misconduct committed by him or by any person under his direct supervision and control while rendering profession…
13 V.I.C. § 707 Purposes of incorporation
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No professional service corporation shall engage in any business other than the rendering of the professional services for which it was incorporated; provided, that such corporation may invest its funds in real estate, mortgages, stocks, bonds or any other type of investments.
13 V.I.C. § 708 Issuance of shares
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A professional service corporation may issue shares only to individuals who are authorized by law to practice in the United States Virgin Islands a profession which such corporation is authorized to practice and who are or have been engaged in the practice of such profession in s…
13 V.I.C. § 709 Directors and officers
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No individual may be a director or officer of a professional service corporation unless he is authorized by law to practice in the United States Virgin Islands a profession which such corporation is authorized to practice and is either a shareholder of such corporation or engaged…
13 V.I.C. § 710 Disqualification of shareholders, directors, officers and employees
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If any shareholder, director, officer or employee of a professional service corporation who has been rendering professional service to the public becomes legally disqualified to practice his profession within the United States Virgin Islands, he shall sever all employment with, a…
13 V.I.C. § 711 Death or disqualification of shareholders
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(a) A professional service corporation shall purchase or redeem the shares of a shareholder in case of his death or disqualification pursuant to the provisions of section 710, within six months after the appointment of the executor or administrator or other legal representative o…
13 V.I.C. § 712 Transfer of shares
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No shareholder of a professional service corporation may sell or transfer his shares in such corporation except to another individual who is eligible to have shares issued to him by such corporation or except in trust to another individual who would be eligible to receive shares …
13 V.I.C. § 713 Corporate name
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(a) Notwithstanding any other provision of law, the name of a professional service corporation may contain any word which, at the time of incorporation, could be used in the name of a partnership practicing a profession which the corporation is authorized to practice, and may not…
13 V.I.C. § 714 Business corporation law applicable
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Chapter 1 or chapter 15 of this title shall be applicable to a professional service corporation except to the extent that the provisions thereof conflict with this chapter. A professional service corporation may consolidate or merge only with another corporation organized under t…
13 V.I.C. § 715 Annual statement
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Each professional service corporation shall, on or before the first day of July of each year, furnish a statement to the licensing authority listing the name and residence address of each shareholder, director and officer of such corporation and certifying that all such individua…
13 V.I.C. § 716 Regulation of professions
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This chapter shall not repeal, modify or restrict any provision of Title 27, or chapter 27 of Title 4 regulating the professions referred to therein.
13 V.I.C. § 717 Corporate mergers and consolidations
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Notwithstanding any inconsistent provision of this chapter, a professional service corporation, pursuant to the provisions of chapter 1, subchapter IX of this title, may be merged or consolidated with another corporation formed pursuant to the provisions of this chapter or with a…