, 1949-06-27

Weto encourage ana engage in business of providinR, whenever -
persons and property between the Virgin Islands and to and from
the Virgin Islands, Puerto Rico and Tortola.
() To encourage, promote, and develop. and to assist in the on
coWagement promotion, and development of, tourist trade in the
Virgin Islands
D To encourage the establishment and develonnoent 81 small fom
communities in the Virgin Islands, and, for that purpose, to construct,
equip, improve, and supervise such small farms or mmnitie and
to give other assistance to them.
() To make loans to any person for the establishment, mainten-
ance' operation, construction, reconstruction, repair, Improvement,
OF enlargement OF any industrial commercial agricultural, or related
enterprise, undertaking or. activity in the Virgin Islands whenever
such loans are not available from private sources All loans so,made
nan De OF ucn sound value u SO secured as reasonably to assure
repayment, taking into consideration the policy of tn Congress that
the lending powers of the Corporation shall be administered IS a
means Q accomplishing the purposes stated in section of this Act,
and shall bear interest at a rate not exceeding 6 per centum Der n
mum. 1t shall be the general policy of the Corporation to establish
n'eteSt rates IN loans. subject to the foregoing limitations. that in
the Judgement of the Board of Directors. will at least coverlthe in
terest cost OF funds to the United States Treasury, other expenses of
Inc enomg actlVtes II the Corporation, and a risk factor which,
over all, should provide for losses that may materialize on loans The
loans made under the authority of this paragraph outstanding at any
one time shall not exceed a total of $4,000 900.
C) To establish, maintain, operate, and engage in, uuon its own
account, appropriate enterprise, undertaking, n activity for the de-
Velopment OF n industrial commercial, mining, agricultural, live
stock, fishery, or forestry resources of the Virgin Islands: Provided.
That the Corporation shall not engage in the manufacture of rum
or other alcoholic beverages.
Sec 4 The Corporation shall have, and may exercise, the following
general powers in carrying on the activities specified in section 3
of this Act:
Go To have succession until June 80, 1855. unless sooner dissolved
by Act of Congress.
O)T To adopt, alter, and use a corporate seal which shall % ndi-
ciaIy noticed.
N) To adopt, amend, and repeal bylaws governing the conduct of
business and the performance of the powers and duties granted
to or imposed upon it by law.
I'D To sue or be sued in it's corporate name.
() To determine the character of and the necessity for it's oblga-
tons and expenditures and the manner in which they shall be in
Cured, allowed, and paid, subject to the laws applicable snpcHica1-
y to Government corporations.
Cd To acquire, in any lawful manner, any property-real person
AL or mixed, tangible or intangible-to hold, maintain, use and
operate the same; and to SELL lease, or otherwise dispose of the same.
whenever any OF the foregoing transactions are deemed necessary or
appropriate to the conduct of the activities authorized by this Act.
and on such terms S may be prescribed by the Corporation.
(0 To enter into and perform such contracts, leases, cooperative
agreements, or other transactions with any agency O inTrumentalitv
of the United States. or with any State. Territory, or possession Or
with any political subdivision thereof. IF with any person, firm, as
ISOLATION, or corporation, az may be deemed necessary o. appropriate
to conduct the activities authorized by this Act and on such terms
as may be prescribed by the Corporation: Provided, That in no case
shall the Corporation cannact to undertake al activity for any
agency or fundamentally of the United States, II for any State
Territory, or possession, or for any political subdivision thereof IN
the latter is authorized by law to undertake such activity and
the funds for such purpose.
The foregoing article is being published for the benefit of our