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Virgin Islands Statutes, Title 9

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 9, Banking

20 chapters · 557 sections in this title.

All chapters in Title 9557 Ch 26, Virgin Islands Finance Lenders159 Ch 23, Uniform Securities Act61 Ch 19, Savings and Loan Associations58 Ch 22, Uniform Money Services Act49 Ch 25, International Banking Center Regulat…43 Ch 20, Mortgage Loans38 Ch 15, Regulation of Small Loans and Pawnbr…37 Ch 11, Banking Transactions and Conduct of …36 Ch 3, Organization and Management of Banks15 Ch 24, Uniform Prudent Investors Act14 Ch 7, Merger or Consolidation8 Ch 17, Disclosure of Finance Charges8 Ch 1, General Provisions7 Ch 5, Regulation and Supervision of Banks …7

58 sections·Filtered byTitle 9✕Ch 19✕

9 V.I.C. § 281 Organization
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Fifteen or more persons of age, residents of this territory, may form an association as provided in this subchapter. Associations formed under the provisions of this subchapter shall be known as cooperative savings and loan associations, and the name of every association so forme…
9 V.I.C. § 282 Powers
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Associations may become members of the Federal Home Loan Bank system, may subscribe for and invest in stock of the Federal Home Loan Bank, and may secure insurance of its thrift accounts and creditor liabilities from the Federal Savings and Loan Insurance Corporation, and may ins…
9 V.I.C. § 283 Investments
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(1) In the absence of a demand for loans or in the regular course of business, accumulations of funds may be invested as follows:(1) cash on hand;(2) deposit in any bank or trust company incorporated under the laws of this territory or national banking association having its prin…
9 V.I.C. § 284 Purchase and sale of real estate
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Such association may purchase real estate at a public or private sale, upon which it has a mortgage, judgment, lien or other encumbrance, or in which it has an interest, and may sell, convey, lease or mortgage the same at pleasure to any person.

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9 V.I.C. § 285 Incorporation; articles of incorporation

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(1) Incorporation of such an association shall be accomplished in the following manner:(1) fifteen or more persons shall make and sign a certificate stating the name of such association, the fact that the association is formed under and for the purposes prescribed in this subchap…

9 V.I.C. § 286 Account holders as members; minors

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Any person, corporation, partnership, association, agent, guardian, executor, administrator or trustee may become a member of such association by opening an account therein, subscribing to the bylaws, and annexing to his signature his post-office address. Whenever he desires his …

9 V.I.C. § 287 Borrowers as members; voting rights

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Every person who shall receive a loan from any such association pursuant to this subchapter shall thereby become a member thereof and shall be entitled to one vote at all meetings of the members thereof, whether he be a shareholder or not.

9 V.I.C. § 288 Officers, duties, meetings, voting

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The officers of such association shall consist of a president, vice-president, treasurer and secretary, who shall be ex officio members of the board of directors, which shall consist of not less than five members, exclusive of such ex officio members. Other officers may be author…

9 V.I.C. § 289 Bylaws; attorney

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Such association may adopt bylaws, not inconsistent with the provisions of this subchapter, regulating the conduct of the business of the association, defining the duties of officers and committees, times of meeting, mode of determining and declaring the withdrawing values of sha…

9 V.I.C. § 290 Capital and shares

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(a) The capital of such association shall consist of the accumulated savings of its members which it holds, and shall be unlimited. (b) The shares shall be issued in annual, semiannual or quarterly series, in such amounts in each series and at such times as shall be determined by…

9 V.I.C. § 291 Transfer of shares

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Transfers of shares shall not be binding upon the association until the same have been made upon its books. The transferee thereof shall take the same charged with all the liabilities and conditions attaching thereto in the hands of the transferor. The association may require a t…

9 V.I.C. § 292 Exemption of share accumulations from levy

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All accumulations upon shares in such association held by any person shall be exempt from attachment, levy and garnishment, to the amount of $1,000.

9 V.I.C. § 293 Retirement of unpledged shares

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The board of directors in its discretion and under rules made by it may retire the unpledged shares of any class at any time after four years from the date of their issue, by enforcing withdrawals of the same. However, the shareholders whose shares are to be retired shall be dete…

9 V.I.C. § 294 Matured shares

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When each unpledged share of a given series, other than a full paid share reaches the value of $200, $300 or $400, all payment of dues thereon shall cease and the holder thereof shall be paid therefor out of the funds of the association, with such rate of dividend as shall be det…

9 V.I.C. § 295 Dues and fees

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Savings paid to such association upon shares shall be called dues. At or before each stated monthly or semimonthly meeting of the board of directors each shareholder shall pay to such board, or a committee thereof, $1 dues upon each share held by him until the share reaches the v…

9 V.I.C. § 296 Suspension of shares for nonpayment of dues

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Whenever a member shall be six months in arrears in the payments of his dues upon unpledged shares, the secretary shall give him notice thereof in writing and a statement of his arrearages, by mailing the same to him at the last post-office address given by him to the association…

9 V.I.C. § 297 Withdrawals

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The accumulations upon unpledged shares may be withdrawn and the shares canceled. One month's written notice of such intention may be required to be filed with the secretary at or before a stated monthly meeting of the board of directors. If filed before such meeting, the one mon…

9 V.I.C. § 298 Loans

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Loans shall be made only with the approval of the board of directors, or a committee appointed by the board of directors as provided by the bylaws. Loans shall be made in sums of $200 or a multiple or fractional part thereof. No loan shall be made in excess of $25,000 on any one …

9 V.I.C. § 299 Interest on loans

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A borrowing member for each share or fractional part thereof borrowed upon, in addition to the dues on his shares, in case such member is a shareholder borrowing on the sinking fund plan, shall pay monthly interest on his loan at such rate not exceeding 6 percent per annum as the…

9 V.I.C. § 300 Security for loans

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A first mortgage upon real estate shall be given for every loan. If the loan is of a sinking fund type, it shall be accompanied by a transfer and pledge to the association of the shares borrowed upon, and all accumulations that have accrued or shall accrue thereon, as collateral …

9 V.I.C. § 301 Loans without pledging of shares; construction loans

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Any cooperative savings and loan association or any building and loan association organized and existing under the laws of this territory, shall have the power to make loans upon the security of first mortgages on real estate, without the requirement that shares of such associati…

9 V.I.C. § 302 Prepayment of taxes, insurance and other charges

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Such association may require that the equivalent of one-twelfth of the estimated annual taxes, assessments, insurance premiums, and other charges upon real estate security, or any of them, be paid in advance to the association in addition to interest and principal payments on its…

9 V.I.C. § 303 Conditions for payment of charges; additional security

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A mortgage securing a loan made by an association may contain conditions providing for the payment of insurance, taxes, assessments, levies, maintenance and repairs on the mortgaged property and the assignment to it of rents of the mortgaged property and other conditions required…

9 V.I.C. § 304 Determination of interest, fees and other charges; prepayment

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The board of directors shall from time to time determine the rate of interest, fees and other charges to be made in connection with loans by the association. In fixing such charges full consideration shall be given to sound and economical home financing. Borrowers shall have the …

9 V.I.C. § 305 Failure to offer security; conditions of loans

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If the borrower neglects to offer security satisfactory to the board of directors within the time provided by the bylaws, his right to the loan shall be forfeited, and he may be charged with one month's interest, and all necessary expenses incurred, if any, in investigating and p…

9 V.I.C. § 306 Repayment of loans

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A borrower may repay a loan and all arrears of interest and fines thereon, or one share thereof, at any stated monthly meeting, or at any other time; but when not made at a stated meeting, he shall pay interest up to the first monthly meeting after such payment. He may repay his …

9 V.I.C. § 307 Failure to make payments

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When a borrowing member shall be three months in arrears in the payment of his dues and interest or either, or in the payment of his specified monthly installments in the case of a direct reduction loan, the whole loan shall become due at the option of the board of directors; and…

9 V.I.C. § 308 Reserve requirements

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Every association may set up and maintain the reserves authorized by this subchapter. On the semiannual closing dates after the payment of or provision for all expenses, each association shall, before the declaration of a dividend for the semiannual period, transfer to a separate…

9 V.I.C. § 309 Distribution of profits and losses

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Profits and losses shall be distributed at least semiannually, and always before issuing a new series of stock to the shares then outstanding. Profits and losses shall be distributed to all shares, in all series outstanding at the time of such distribution, in proportion to their…

9 V.I.C. § 310 Dividends

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(1) On each semiannual closing day after payment or provision for all expenses and appropriate transfers to reserves, the remainder of net earnings for the semiannual period shall be credited to an undivided profits account. At each semiannual period, the board of directors shall…

9 V.I.C. § 311 Annual report to Banking Board

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An association organized under the provisions of this subchapter shall annually make a full report in writing of the affairs and condition of such association on June 30 to the Banking Board in such form and by such officers of the association as it may designate. Such report sha…

9 V.I.C. § 312 Penalty for failure to report

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If such an association fails to furnish the Banking Board a report required by this subchapter at the time so required and without cause for such failure, it shall forfeit the sum of $10 a day for every day such report is delayed or withheld. In its name, the Banking Board may ma…

9 V.I.C. § 313 Examination by Banking Board

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An association organized under the provisions of this subchapter shall be subject to the visitation and examination of the Banking Board, or its duly appointed agent, at all times or upon the application of three or more members of such association.

9 V.I.C. § 314 Conversion to federal association

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Any association organized or doing business under and by virtue of this subchapter may convert itself into a Federal Savings and Loan Association in accordance with the provisions of section 5 of the Home Owners' Loan Act of 1933, of the Congress of the United States, as now or h…

9 V.I.C. § 315 —Procedure for conversion

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When such vote is had by the members of a such a such association, the directors of such association shall proceed to take the necessary action to procure a Federal Savings and Loan Association charter and, upon receipt of such charter and compliance with the rules and regulation…

9 V.I.C. § 316 —Powers, liabilities and status of converted association

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Upon the conversion of any association into a Federal Savings and Loan Association, the corporate existence of such association shall not terminate, but such federal association shall be deemed to be a continuation of the entity of the association so converted and all property of…

9 V.I.C. § 317 Conversion from federal association

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Any Federal Savings and Loan Association may convert itself into a territorial chartered association under this subchapter upon a vote of 51 percent or more of the votes of the members of such Federal Savings and Loan Association cast at an annual meeting or at a special meeting …

9 V.I.C. § 318 —Procedure for conversion

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When such vote is had by the members of a Federal Savings and Loan Association, the directors of such association shall proceed to take the necessary action to procure a charter for a territorial association and, upon receipt of charter for a territorial association and complianc…

9 V.I.C. § 319 —Powers, liabilities and status of converted association

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Upon the conversion of a federal association into a territorial Savings and Loan Association the corporate existence of such federal association shall not terminate but such territorial association shall be deemed to be a continuation of the entity of the federal association so c…

9 V.I.C. § 320 Dissolution and liquidation; vote required

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At a meeting duly called for such purpose, on such notice as its bylaws provide and by vote of its members taken in accordance with the provisions of section 288 of this title, a cooperative savings, building and loan association organized and existing under the laws and doing bu…

9 V.I.C. § 321 Filing of copy of vote; discontinuance of business; disposition of income and receipts

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Within ten days after such vote a copy thereof, certified by the president and secretary of such association, shall be filed with the Banking Board and Lieutenant Governor. After such filing, such association shall issue no stock and shall not loan or advance any money to members…

9 V.I.C. § 322 Sale of assets

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With the approval of the Banking Board, the board of directors of such association may adopt such rules and regulations and make such orders as shall be just and equitable for the sale and distribution of all property and assets of such association, and for the division and appli…

9 V.I.C. § 323 Investigation and approval of plan by Banking Board

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Upon the filing of the notice aforesaid, the Banking Board shall make such investigation as it deems necessary of the affairs and solvency of such association, and if it is satisfied that such association is entitled to dissolve and liquidate its affairs and with the method propo…

9 V.I.C. § 324 Certification to Lieutenant Governor; termination of existence

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When the dissolution and liquidation of such association has been effected, the secretary thereof shall file with the Lieutenant Governor and the Banking Board a certificate under oath that such dissolution has been completed and that shareholders and parties interested have been…

9 V.I.C. § 325 Violations

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If it appears to the Banking Board, from the report of such association, or from an examination made by it, or its duly appointed agents, that such an association is violating the provisions of this subchapter, or is conducting its business in an unsafe or unauthorized manner, th…

9 V.I.C. § 341 License and other prerequisites

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A foreign building and loan association shall not do business in this territory until it has complied with the provisions of sections 342–347 of this title and received a license from the Banking Board.

9 V.I.C. § 342 Filing of charter, bylaws, etc

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A certified copy of the charter, constitution and bylaws of such association showing its manner of doing business shall be filed with the Banking Board and Lieutenant Governor.

9 V.I.C. § 343 Agent for service of process

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Such association, in writing, shall appoint the Lieutenant Governor its true and lawful attorney upon whom service of legal process in any action or proceeding against it may be made with the same force and validity as if made upon such association.

9 V.I.C. § 344 Semiannual reports

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Semiannually, on or before February 1 and August 1, such association shall file with the Banking Board a statement signed and sworn to by its president and secretary, or by three directors, showing its business standing and financial condition on the last day of December and June…

9 V.I.C. § 345 Fees

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For the purpose of paying the expense of filing papers and compensation for making examinations, as provided in this subchapter, such association shall annually pay to the Banking Board the following fees for the use of the territory: for the first $100,000 or less of assets, $10…