Title 9 — Banking
20 chapters · 569 sections in this title.
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The accumulations upon unpledged shares may be withdrawn and the shares canceled.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…
9 V.I.C. § 346 Security deposit
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(a) Such association shall deposit with the Commissioner of Finance first mortgage securities to the amount of $25,000, approved by the Banking Board. Such deposit shall be held in trust by the Commissioner of Finance for the protection and indemnity of the residents of this terr…
9 V.I.C. § 347 Bond
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Such association shall file with the Lieutenant Governor a bond to the territory in such sum as he may require, not more than $10,000 nor less than $500, with such sureties or securities as he approves, conditioned for the making of reports and returns required by this subchapter…
9 V.I.C. § 348 Duties of Banking Board—Papers, reports
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The Banking Board shall file all papers required by this subchapter, and thoroughly examine the annual reports submitted by foreign building and loan associations.
9 V.I.C. § 349 Licenses
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After examination, if the Banking Board becomes satisfied that a foreign building and loan association desiring to do business in this territory is solvent and conducts its business according to law, and has complied with the provisions of this subchapter, it may issue a license …
9 V.I.C. § 350 Annual examinations
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The Banking Board or its agent shall annually make an examination of the securities, records, books and accounts of every foreign building and loan association doing business in this territory and file a report of such examination in its office.
9 V.I.C. § 351 Order for discontinuance of unsafe practices
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If it appears to the Banking Board that a foreign building and loan association licensed to do business in this territory has violated a provision of its charter, or is conducting its business in an unsafe or unauthorized manner, by an order addressed to such association, the Boa…
9 V.I.C. § 352 Suspension of license
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Whenever it appears to the Banking Board that it is unsafe or inexpedient for such association to continue doing business in this territory, it may suspend the license granted to such association, and apply to the District Court for an injunction restraining such association from…
9 V.I.C. § 353 Prohibitions and obligations
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When, by the laws of state or nation, any prohibitions, taxes, fines, penalties, licenses, fees, deposits of money, securities or other obligations are imposed upon building and loan associations of this territory, or upon their agents, doing business in such other state or natio…
9 V.I.C. § 361 Definitions
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(1) For the purposes of this chapter, the term:(1) “Banking Board” means the Banking Board of the United States Virgin Islands as established by title 3 Virgin Islands Code, section 42.(2) “Borrower” means a person who submits an application for a loan secured by a first or subor…
9 V.I.C. § 362 Exemptions
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(1) The provisions of this chapter do not apply to:(1) Any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under the laws of the United States, any state or territory of the United States, or the Virgin Islands, and any o…
9 V.I.C. § 363 License requirements
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(a) No person may engage in business as a mortgage lender or mortgage broker, or both, or hold himself out to the public to be a mortgage lender or mortgage broker unless such person has first obtained a license under this chapter. (b) To qualify for a license, an applicant must …
9 V.I.C. § 364 Issuance of license
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(a) When an applicant for a license files the application and bond and pays the fees required by this chapter, the Banking Board shall investigate to determine if the applicant meets the requirements of this chapter. The Banking Board shall make such investigations as necessary t…
9 V.I.C. § 365 Acquisition of control; application
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(a) Except as provided in this section, no person may acquire directly or indirectly 25% or more of the voting shares of a corporation or 25% of the ownership of any other entity licensed to conduct business under this chapter unless such person first:(1) files an application wit…