Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 30 Organization
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(1) Any legal form or structure including that of a corporation, partnership, limited liability company, or other entity, may be used to create an entity for licensure as a bank, in accordance with this title, provided that such entity meets all requirements for capitalization, a…
9 V.I.C. § 31 Incorporation
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(a) Any five or more persons of sufficient legal capacity may organize a bank; but for said purpose they shall first apply for a permit from the Banking Board, and such application shall be accompanied by a fee as promulgated by the Banking Board. Said application shall set forth…
9 V.I.C. § 32 Certificate of incorporation; beginning of corporate existence
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Upon subscribing and swearing to the articles of incorporation, as provided in section 31 of this title, and upon submitting the two copies of the same to the Lieutenant Governor, together with the permit granted by the Banking Board authorizing the organization of the bank, and …
9 V.I.C. § 33 General meeting of stockholders; bylaws
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Before a bank shall begin to do business, the stockholders thereof shall hold a general meeting and adopt bylaws governing the corporation. A number of stockholders representing more than two-thirds of the paid-in capital shall be present at such meeting, and in order that any ac…
9 V.I.C. § 34 Commencement of business
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Notice to Banking Board of certificate of incorporation Notice to Banking Board of certificate of incorporation (a) Upon the issuing by the Lieutenant Governor of his certificate of incorporation, as provided in section 32 of this title, he shall so notify the Banking Board and a…
9 V.I.C. § 35 Amount of capital stock
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Rights and liabilities of stockholders and creditors Rights and liabilities of stockholders and creditors (a) No bank shall be organized and established in the United States Virgin Islands with a subscribed capital less than $500,000. The capital stock of each bank shall be divid…
9 V.I.C. § 36 Liabilities of stockholders
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If any shareholder neglects or refuses, after three months' notice, to pay the assessment provided in subsection (d) or (e) of section 35 of this title, the Board of Directors shall cause a sufficient amount of the capital stock of such shareholder to be sold at public auction (u…
9 V.I.C. § 37 Register of shares; stock certificates
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All shares shall be recorded in a book which shall be kept for that purpose by each bank at its main office, in which book entry shall also be made of all subsequent transfers of said shares. Each certificate of stock shall contain a statement showing the par value of each share,…
9 V.I.C. § 38 Amendment of articles of incorporation
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(a) Every bank organized under this title may amend its articles of incorporation by—(1) changing its name, subject to the provisions of section 5 of this title;(2) increasing or decreasing its authorized capital stock, subject to the minimum limit allowed by law;(3) changing the…
9 V.I.C. § 39 Directors and officers; stockholders' meetings
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(a) The management of banks shall be under the control of a Board of Directors elected at a general meeting of the stockholders. The Board of Directors shall consist of at least five persons, one-third of the total number of whom shall be bona fide residents of the United States …
9 V.I.C. § 40 Banks established prior to June 16, 1949
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Banks established and doing business in the United States Virgin Islands prior to June 16, 1949, are not required to meet the provisions of incorporation in this title and the operating capital of the bank as of June 16, 1949, is deemed to have met the requirements of this title …
9 V.I.C. § 41 Changes in control of banks
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(a) No sale or exchange or acquisition of the voting capital stock issued by any bank or bank holding company organized under the provisions of this title that may result in the control or in a change in the control of a bank shall be made until the Banking Board has been notifie…
9 V.I.C. § 42 Filing fees for banks and foreign banks
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(a) Every bank or foreign bank in the United States Virgin Islands shall upon filing its articles of incorporation in the Office of the Lieutenant Governor pay a filing fee of $300. (b) Every bank or foreign bank desiring to file in the Office of the Lieutenant Governor articles …
9 V.I.C. § 43 Annual licenses for banks and foreign banks; grace period; penalties
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(a) The Lieutenant Governor, upon recommendation of the Banking Board, shall issue licenses to engage in the business of banking. No person or other entity may engage in the business of banking in the Territory without first obtaining a permit and otherwise complying with the pro…
9 V.I.C. § 44 Resident agent to accept service of process
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Every bank shall appoint a bona fide resident of the United States Virgin Islands as its resident agent on whom service of legal process against it can be made, and service upon such resident agent shall constitute service on the bank by whom such resident agent was appointed. Ea…