, 1955-06-11
Al
or THE PROCEEDINGS or H FIRST LEGISLATURE
or THE VIRGIN ISLANDS
First Regular Session 1855
THURSDAY, MARCH 10. 1855
Continued from yesterday
POWERS N DUTIES OF THE AUTHORITY
MARCH 10, 1856
Gontinued from yesterday)
POWERS AND DUTIES OF THE AUTHORITY
GENERAL

A. GENERAL
SECTION 6. The Authority shall have all the powers
necessary and convenient to carry out and perform the pur-
poses and provisions of this Act Except the power to levy
and collect taxes or special assessmentsl including thefolloW
inc powers, but without limitation, in addition to others spe-
officially granted:
IA To have perpetual succession; to and to be sued; to have
! seal an. t. modify it; to enter into and to execute con
tracts and Instruments of every kind and nature, necessary
or convenient to the exercise of its powers and functions, TO
make,& from time to time to modify, & repeal, bylaws, rules
and regulations, not inconsistent with this Act, pfoVldlng
for the internal organization and management OF the Authof-
ity, for the administration Of its affairs and operations, and
for carrying into effect the powers and purposes Of the Au-
tholity
() To borrow money from public and private sources;
and to give adequate security therefor whenever required;
to accept grants, gifts, donations and appropriations OF funds;
to deposit funds in banking Institutions which are members
Of the Federal Deposit Insurance Corporations; to invest FUNDS
IL property or securities approved for investment by the Fe-
deral Government Or the Government Of the Virgin Islands,
(c} TO ACQUIRE any real or personal property, or any in
terest or estate therein, by lease, option, purchase, gift,
grant, donation, appropriation, bequest, devise or by the ex-
ercise Of eminent domain, or otherwise, and to own, hold
and improve any such property; provided. that as q condition
to the exercise Of the power of eminent domain to acquire
any real property which It may deem necessary for its pur-
poses under this Act, the Authority shall first adopt a reso-
luton finding and declaring that the acquisition Of such pro-
perry (which shall be generally described n the resoluton)
is necessary for such purposes. The Authority may exercise
the power of eminent domain in the manner provided by law
for the exercise of such power by the Government OF the
vi gin Islands or any other governmental or public body
vested with such power in the Virgin Islands. Property al
ready devoted to public use may be acquired IN like manner,
provided. that no real property belonging to the Virgin Is.
lands may be acquired without the consent Of the Govern
ment Of the Virgin Islands.
(l To SELL lease exchange, transfer, assign, mortgage,
pledge, or otherwise dispose Of, or cucumber. any real or per-
sonal property, or any interest or estate in such.
() To provide, or arrange or contract for the furnishing
by any person or agency, public or private, or services, priv
leges, works, or facilities, of every kind and nature, for and
in connection with the preparation, planning, development,
construction, operation, and disposition of projects.
GJ.To insure, 70 provide for the insurance, in any stock or
mutual company or in any public or private insurance facn-
ity, of any real or personal property, or operations, of the
Authority, against any risks and hazards.