Title 29, Public Planning and Development

The Bank shall file with the Banking Board in the office of the Lieutenant Governor of the Virgin Islands, annually, within ninety days after the close of its fiscal year, a report in compliance with Title 9, section 64, Virgin Islands Code.

The Bank shall be subject to examination and supervision by the Banking Board of the Virgin Islands, in accordance with the terms of the Banking Law applicable to banks organized under or subject to the provisions thereof; provided, however, that no fee shall be required to be pa…

If, in consequence of an examination or a report made by an examiner, the Banking Board shall have reason to believe that the Bank is not in sound financial condition or that its affairs are conducted in such a manner as to endanger its funds or other assets, or if the Bank shall…

If any director of the Bank shall violate or knowingly or negligently permit any of the officers, agents or employees of the Bank to violate any laws or any of the provisions of the Charter of the Bank, the matter shall be reported to the Governor. Upon receiving such report the …

All transfers of notes, bonds, bills of exchange or credits of the Bank or of deposits to the credit thereof, and all assignments of mortgages, security on real property or of judgments or decrees in favor of the Bank, and all deposits of money, or other things of value and all p…

Any officer, employee or agent of the Bank who embezzles, abstracts or willfully misapplies any moneys, funds, credits or securities of the Bank, or who, without being duly authorized, issues or draws any certificate of deposit, draws any order or bill of exchange, mortgage, judg…

In view of the inclusion in this chapter of all necessary and pertinent provisions similar to provisions contained in the Banking Law, none of the provisions of the Banking Law, except as referenced herein, shall apply to the Bank, its directors, officers, employees or agents.

Nothing in this chapter shall be construed as exempting the Economic Development Bank for the Virgin Islands from any law made specifically applicable thereto or generally applicable to independent instrumentalities of the Government of the Virgin Islands, whether such law was en…

If any provisions of this chapter or the application of such provisions to any person or circumstance shall be held invalid, the remainder of the chapter and the application of such provisions to persons or circumstances other than those as to which it is held invalid shall not b…

The capital of the Bank shall initially consist of $5,000,000 in equity, $2,500,000 from any banking institution and $2,500,000 from the Government of the Virgin Islands. Other sources that may be utilized as capital include, but are not limited to unutilized surpluses from the 1…

Any banking institution having an officer on the Bank's Board of Directors or entering into a financing relationship with the Bank shall not be subject to lender liability arising from the Bank's conduct, unless the banking institution's conduct is determined by a court of compet…

(a) There is hereby established a Commission for the Preservation of Small Businesses for the purpose of providing assistance to small businesses, as defined in Title 11, section 1252 of this Code, in order to prevent them from closing. The Commission shall consist of five member…

(a) All personnel of the Government of the Virgin Islands who are being utilized solely in the exercise of any of the powers, duties and functions vested in the Economic Development Bank upon the effective date of this section shall be transferred to the Economic Development Bank…