Title 13 — Corporations and Associations
11 chapters · 349 sections in this title.
13 V.I.C. § 801 Definitions
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(1) As used in this chapter, the following words and phrases, unless differently defined or described, shall have the meanings and references as follows:(1) “Corporation” means a United States Virgin Islands economic development corporation created under this chapter.(2) “Financi…
13 V.I.C. § 802 Incorporators; articles of incorporation
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(a) Twenty-five (25) or more persons, two-thirds of whom shall be residents of the United States Virgin Islands, who may desire to create an economic development corporation under the provisions of this chapter, for the purpose of promoting, developing, and advancing the prosperi…
13 V.I.C. § 803 Applicability of general corporation law; specific powers
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(1) In furtherance of its purpose and in addition to the powers now or hereafter conferred on business corporations by the general corporation law of the United States Virgin Islands, corporations formed pursuant to this chapter shall, subject to the restrictions and limitations …
13 V.I.C. § 804 Investors, loans; membership in financial institutions
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(a) Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or trust indentures:(1) Any person, including all domestic corporations organized for the p…
13 V.I.C. § 805 Applications for membership; loans to corporation
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(a) Any financial institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acceptance of such application by said board.…
13 V.I.C. § 806 Duration of membership; withdrawal
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(a) Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation six (6) months in advance, a member may withdraw from membership in the corporation at the expiration date of such notice. (b) A member shal…
13 V.I.C. § 807 Powers of stockholders and members; voting
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(a) The stockholders and members of the corporation shall have the following powers of the corporation:(1) To determine the number of and elect directors as provided in section 809 hereof;(2) To make, amend, and repeal bylaws;(3) To amend this chapter as provided in section 808;(…
13 V.I.C. § 808 Amendment of articles of incorporation
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(a) The articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (⅔) of the votes to which the stockholders shall be…
13 V.I.C. § 809 Management of corporation; officers and directors
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(a) The business and affairs of the corporation shall be managed and conducted by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation by its bylaws shall authorize. The board of directors shall …
13 V.I.C. § 810 Earned surplus
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Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half (½) of the amount paid in on the capital stock then outstanding. Whenever the amoun…
13 V.I.C. § 811 Depository
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The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors at an authorized meeting of the board of directors, exclusive of any director who is an officer or di…
13 V.I.C. § 812 Examination of corporation
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The corporation shall be examined at least once annually by the Banking Board and the corporation shall make an annual report of its financial condition to the Banking Board. The Banking Board shall forward copies of such annual reports to the Governor, Lieutenant Governor and th…
13 V.I.C. § 813 First meeting of corporation
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(a) The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least ten (10) days before the d…
13 V.I.C. § 814 Duration; dissolution
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(a) The period of duration of the corporation shall be perpetual subject however, to the right of the stockholders and the members to dissolve the corporation prior to the expiration of said period. (b) The corporation may, upon the affirmative vote of two-thirds (⅔) of the votes…
13 V.I.C. § 815 No pledge of government credit
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Under no circumstances shall the credit of the Government of the United States Virgin Islands be pledged to any corporation organized under the provisions of this chapter.
13 V.I.C. § 816 Designation as state development company
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Any corporation organized under the provisions of this chapter shall be a state development company, as defined in the Small Business Investment Act of 1958, Public Law 85–699, 85th Congress, or any other similar federal legislation, and shall be authorized to operate on an islan…
13 V.I.C. § 817 Tax credits and privileges
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Any tax exemptions, tax credits, or tax privileges granted to banks, saving and loan associations, trust companies, and other financial institutions by any general laws are granted to corporations organized pursuant to this chapter.
13 V.I.C. § 818 Fiscal year
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Corporations organized under this chapter shall adopt the calendar year as their fiscal year.
13 V.I.C. § 819 Severability
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The provisions of this chapter are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions.