, 1949-06-30
Incorporation the Virgin 1slunds Corporation
Mr.. Peterson. from the committee of conference, submitted
the following
HOUSE OF REPRESENTATIVES
CONFERENCE REPORT
OF REPRESENTATIVES
CONFERENCE REPOR'
Continued from Yesterdays issue)

Sec. 9 The management Of the Corporation shall be vested in a Board
ofDirectors consisting of seven members, including the Secretary of
the Interior, the Secretary OF Agriculture, the Chairman Of the Recon
sruction Finance Corporation, the Governor of the Virgin Islands,
and three experienced businessmen who shall be appointed by the
President of the United States.
The Board shall select its chairman. The appointed directors shall
serve for a period Of six years; except that ID any director appointed
to fill a vacancy occurring prior to the expiration of the term for
which his predecessor was appointed, shall be appointed for the re-
mainder of such term, and e9 the terms Of office of the directors first
taking office after the date of enactment of this Act shall expire
as designated by the President at the time of appointment, one at the
end of two years, one at the end of four years, and one at the end of
six years, afterthe date of enactment of this Act. Qualifications of
Board members shall include demonstrated ability. attachment to the
public interest, impartialty, and diversified experience among its
members. The Board shall be responsible for overall policy making
and general supervision. The Board shall meet at least quarterly, at
least one of which meetings each year shall be held in the Virgin Is
lands. The Board of Directors shall act only ba a majority of those
present at a meeting attended by a quorum, and such quorum shall
consist of four directors. Subject to the foregoing limitation, vacan-
ces in the membership of the Board shall not affect its power to act.
The directors shall receive no salary for their services on the Board,
but INTERPRETATIONS and in amounts prescribed by the Board, with
the approval of the President or his representative, may be paid by
the Corporation reasonable perSdiem fees, and allowances in lieu of
subsistence expenses, for attendance at meetings of the Board and for
time spent on official service of the Corporation, and their necessary
travel expenses to and from meetings or when upon such official SER
vice, without regard to the Travel Expense Act of 1949. The admins
1trative functions shall be centered in a staff of fulltime executive
officers headed by a President appointed by the Board. The President
shall be responsible to the Board for the execution of programs and
policies adopted by the Board and for the day-to-day operations of
the Corporation. Between meetings of the Board, the Chairman shall
see that the Corporation faithfully executes the programs and poll
cMs adopted by the Board.
.rSec.a0 Q9 There is hereby transferred to the Corporation the fol-
lowing property:
~ All property-real, personal, and mixed-now operated by the
virgin 4StanaS Nompany N Dena11 OF n Unlted States, except the
property now operated by that Company for the Department of the
Interior whichywas conveyed to that Department by revocable per-
NIT from the Navy Department under agreement dated January i,
1948. The value cfthe property so transferred shall be fixed at the
deprecated cost as of June 80, l947, shown in schedule / of the Com
ptroller Generals report on the audit of the Virgin Islands Company
for the fiscal year ended June 80, 1947, adjusted for all changes from
that date to the date of transfer, including depreciation at the rates
set forth in said schedule.
t1An assets and property-real, personal and mixed, tangible and
intangibe-of the Virgin Islands Company. The value of the property
so transferred shall be fixed at the value shown on the books of the
Virgin Islands Company only at the date of transfer, subject to any ad
justment deemed necessary as a result of the audit required to be
made by the Comptroller General under section JOS of the Govern
ment Corporation Control Act.
C) al. Of the interest OF the United States in the property known
as BlueheardS Castle Hotel situated in the Island of st. Thomas in
the Virgin Islands. The value of the property so transferred shall
be fixed at a value approved by the Director of the Bureau of the
Budget.
tiles of the Virgin Islands Company: Provided, however, That such
liabilities shall q ha deerned II include the alnnc o. rnln4 nrnn+r