, 1958-05-28

Of any such taX-exempt1on or subsidy heretofore granted
beyond the original period Of such exemption or subsidy.
SECURITIES
SECTION Z (al. Each bona f1de resident OF the Vr-
gin Islands and each firm or corporation organized and
doing business in the Virgin Islands shall, for a period OF
ten 90 years from the enactment of this lave be entitled
to a non-taxable subsidy each year IN an amount equal 70
-a fn.n y. .@- a. = =,
ton OF his or its income, including interest, dividends and
all other earnings, derived from the purchase, transfer,
assignment Of sale of stock, bonds and all other kinds g
securities or debentures Of whatever character. Nl~coaeo"
or sold each year through an investment company located
and authorized under the laws OF the Virgin Islands to
engage in such a business: Provided. that no rno~n t'2n
One Hunded Thousand ($l00, 10000 Dollars shall be paid
as such subsidy to any one taxpayer in any one year; and,
provided further. that the Commissioner of Finance shall,
within a reasonable period Of time after the tax on said
incom is paid, pay a first instalnent OF not more than
Fifty 5000 per cent OF said subsidy which may be d"o
to the Taxpayer; the remaining instalrnent of fifty $500
per cent of the subsidy due to the said taxpayer shall b.
paid by the Commissioner of Finance within one Cd yea
after the first installment is paid, upon proper ~certifca-
ton and proof furnished to him by the taxpayer that an
amount equal to fifty 5000 per cent Of the subsidy to
which the taxpayer is entitled in said taxable year. has
been invested in business ventures or projects located IN
the Virgin Islands whose QbIectWes may further and en-
hance the economic development Of the islands, such as:
"a bonds or other securities issued by the Government
of the Virgin Islands; (b) stocks, bonds and mortgages and
other securities on property and businesses located in the
Virgin Islands: (c) the construction, operation, purchase
oFfinancing of land, hotels, apartments, homes, offices,
industrial and al other types of buildings and structures
IN the Virgin Islands: and Id the purchase, operation. e-
adjustment or financing Of any existing or new businesses
or projects which would further the economic develop
nent of the islands.
SALES OF SECURITIES
fb) No firm, company, or corporation shall, 7githor't
first securing a license or authorization to en0age in sad
! usiness from the Government Secretary Of the Virgin
Islands engage in an investment brokerage business for
the purpose of buying and selling stocks. bonds. end othe"
securities or debentures to and for others. No such license
shall issue, unless the firm, company or corporation
deposits IN a Reserve Account with a bank. DESIGNATED bv
the Government Secretary, Fifty Thousand ($50,000.00)
Dollars in cash or in interest-bearing United States Gov
eminent Obligations.
(c) All persons, firms and corporations entitled to
non-taxabe subsidies pursuant to this Section shall an
nually, within SO days after payment Of his or its Income
Tax, make application for said subsidies upon such forms
and pursuant to such rules and regulations az the Commits
soner of Finance shall prescribe.
PAYMENT or SUBSIDIES EPO