, 1958-05-24

of any such tax-exemption or subsidy heretofore granted
beyond the original period Of such exemption or subsidy.
SECURITIES
SECTION 7 Ia. Zach bona fde resident Of the Vir-
gin Islands and each firm or corporation organized and
doing business in the Virgin Islands shall, for a period Of
ten Q0J years from the enactment Of this law, be entitled
to a non-taxable subsidy each year in an amount equal to
So s@r cAnf q Iaa "a 500 .
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 RI
securities or debenturos OF whatever character, nurc- oeo"
Or sold each year through an investment company located
and authorized under the laws Of the Virgin Islands to
engage IN such a business: Pr0vided. that no m0ro tNan
One Hunded Thousand ($l00, 600. 00} Dollars shallb 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 instalnaent Of not more than
Fifty 5000 per cent OF said subsidy which may be due
to the taxpayer; the remaining instalment Of fifty 5000
per cent of the subsidy due to the said taxpayer shall be
paid by the Commissioner Of Finance within one ~ year
after the first instalIment is paid, upon proper certifca-
ton and proof furnished to him by the taxpayer that an
amount equal to fifty 5000 Der 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 detectives may further and en-
nance the economic development of the islands, such as:
(a) bonds or other securities issued by the Government
OF the Virgin Islands; ~ stocks, bonds and mortgages and
other securities on property and businesses located in the
Virgin Islands; (c) the constructions, operation, purchase
or financing of land, hotels. apartments, homes, Offices,
industrial and all other types ct buildings and structures
in the Virgin Islands: and fd) the purchase, operation, es-
Enlistment or financing If any existing or new businesses
or projects which would further the economic develop
r1ent Of the islands.
SALES OF SECURITIES
Nb) No farm, company, or corporation shall, 1"itho't
first securing a license or authorization TO engage 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. and othe2
securities or d%ebentures to and for others. No such license
shall issue, unless the firm, company or corporation
deposits in a Reserve Account with a bank. DESIGNATED by
the Government Secretary, Fifty Thousand ($50,00G0W
Dollars in cash or in interest-bearing United States Gov
eminent Obligations.
(c) All persons, firms and corporations entitled to
non-taxable subsidies pursuant to this Section shall an
nually; within SO days after payment Of his or it's Income
Tax, make application for said subsidies upon such forms
and pursuant to such rules and regulations as the Commits
sioner OF Finance shall prescribe.
PAYMENT on SUBSIDIES EPORT