reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 718 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 718. Interest rates and reserves

 (a) International Financial Services Entities may never bear interest at an interest rate of less than five percentage points above the Federal Home Loan Mortgage Corporation’s posted yield on the last business day of the month on thirty-year standard conventional fixed-rate mortgages committed for delivery within sixty days, rounded to the nearest one-fourth percent, which rate shall-take effect (a) on the first day of the immediately subsequent month and continue in effect for the remainder of the month, and (b) apply to all commitments made by a beneficiary during such month. If for any reason, the Federal Home Loan Mortgage Corporation ceases its auction, temporarily or permanently, the index in the preceding sentence must be based on the Federal Home Loan Bank Board’s average monthly contract rate. (b) The Board may not establish interest rates to be paid or charged by an international financial services entity.
V.I. Code tit. 9, § 721 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 721. License

 (a) A person may not commence operations as an international financial services entity before it has been issued a license under this section. (b) The Board may issue to the applicants a license to operate an international financial services entity after receipt of: (1) the certification by the Division of Corporations and Trademarks referred to in section 720 of this title; (2) an initial fee of $75,000 and the payment of $75,000 as an annual fee for the license to operate an international financial services entity. An additional annual fee of $10,000 shall be paid by the IFSE once the IFSE has exceeded $1,000,000 in annual net income; (3) a certified copy of the articles of incorporation, partnership agreement or other written document establishing the international financial services entity or the certification of the person of which the international financial services entity is a unit; (4) a copy of the bylaws or internal governing agreements adopted by the board of directors or similar governing body of the international financial services entity, which must be certified before a notary public by its secretary or an individual acting in a similar capacity; (5) evidence in the form required by the regulations of the Board, that the capital of the international financial services entity has been subscribed to, issued and paid-in, to the extent and under such conditions as the Board may establish at the Board’s discretion; (6) a statement in the form required by the regulations of the Board and authenticated before a notary public, by the Secretary of the Board of Directors or the person acting in a similar capacity for the international financial services entity, or for the person of which the international financial services entity is a unit, to the effect that the international financial services entity has complied with the requirements of this chapter and of the regulations of the Board and that it is ready to commence operations. (c) The license must be renewed and the license fee established under this section must be paid annually no later than 15 days following each anniversary date of the issuance of the original license; (d) Subject to section 749, the Board may not issue a license if the Board believes, or has reason to believe, that the applicant has violated the provisions of this chapter or the regulations of the Board.
V.I. Code tit. 9, § 722 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 722. Amendments to articles of incorporation

 (a) The articles of incorporation, partnership agreement or other written document establishing an international financial services entity or to any license executed in accordance with section 721, may not be amended, unless the amendment has been previously approved, in writing, by the Board. (b) After the adoption of any amendment to the articles of incorporation, partnership agreement or other written document establishing an international financial services entity or to any certification executed in accordance with section 719 of this title, the amended document must be filed with the Division of Corporations and Trademarks.
V.I. Code tit. 9, § 723 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 723. Unencumbered assets, capital, shares of capital stock

 (a) Every international financial services entity shall possess not less than $300,000 of unencumbered assets or acceptable financial securities, or that lesser sum that, by request of the interested party, the Board authorizes, when the type of business or power that the international financial services entity intends to exercise or other circumstances thus merits it, in the judgment of the Board. The unencumbered assets must be physically located in the Virgin Islands and subject to the requirements regarding them established by the regulations of the Board. (b) Subject to paragraph (3), without the prior written approval of the Board, an international financial services entity may not issue: (1) additional shares of capital stock or other securities convertible into additional shares of capital stock, in the case of a corporation; or (2) additional capital or other securities convertible into additional capital, in the case of a person other than a corporation. (3) In the case of a corporation, an international financial services entity may issue additional shares of capital stock or other securities convertible into shares of capital stock, and in the case of a person other than a corporation, issue additional capital or other securities convertible into additional capital, without the prior written approval of the Board when such additional shares or capital are issued directly to the shareholders of the international financial services entity previously identified pursuant to section 720(b)(3). In such event, the international financial services entity shall notify the Board of all the particulars of such issuance no later than 10 business days following the date of the issue.
V.I. Code tit. 9, § 724 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 724. Transfer of capital or control of an international financial services entity

 (a) Except as provided in regulations of the Board, a sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares, interest or participation in the capital of an international financial services entity may not be initiated without the previous written authorization of the Board, if by way of such transaction, a person could acquire, directly or indirectly, control of 10 percent or more of any class of stock, interest or participation in the capital of an international financial services entity. (b) Every sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares of capital stock, interest or participation in the capital of an international financial services entity, as set forth in subsection (a) of this section, is void “ab initio” if the written authorization of the Board has not been obtained. The written authorization of the Board may not be unreasonably withheld. (c) The international financial services entity shall notify the Board, 30 days in advance of the transfers referred to in subsection (a), the identity of the transferor and of the transferee and the nature of the transaction. The Board may require such additional information as he considers necessary to determine if the transfer would be detrimental to the security or financial solvency of the international financial services entity or if it would violate any law, rule or regulation governing the international financial services entity, in which case the Board may deny the authorization for such transaction; but any person to whom such authorization is denied shall have the right to request a hearing pursuant to the regulations provided in section 749.
V.I. Code tit. 9, § 725 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 725. No transfer of license

 A license issued under this chapter may not be sold, assigned, transferred, pledged, used as security, or otherwise encumbered, except under the provisions of section 748.
V.I. Code tit. 9, § 727 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 727. Personnel

 (a) The international financial services entity shall employ on a full-time basis a minimum of three persons at its business office or offices in Virgin Islands. However, the Board may authorize a lesser number of employees upon request of the interested party. In considering such authorization the Board shall evaluate factors, such as the powers conferred by the license granted under this chapter, the nature and complexity of its operations in Virgin Islands, and those other criteria established in the regulations of the Board. (b) The full-time employees of a person of which an international financial services entity is a unit which render some services to such entity, are considered to be full-time employees of such entity for purposes of the employment requirements set forth in subsection (a). (c) An international financial services entity may engage other persons to act as its agent in the exercise of the international financial services entity’s authorized activities in this chapter whether on or off its premises, and, in connection therewith: (1) Such performance must be treated, and subject to regulation and examination by the Board, to the same extent as if the services were being performed by the international financial services entity itself on its own premises, and (2) The international financial services entity shall notify the Board of the existence of the service relationship no later than 60 days after the making of the service contract or the performance of the service, whichever occurs first. The Board may establish exemptions from the reporting requirement in this paragraph.
V.I. Code tit. 9, § 728 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 728. Accounts and registers

 (a) The original of the account books and registers of the international financial services entity must be kept in its main business office in the Virgin Islands and must reflect such details and be kept in such a manner as may be required by the regulations of the Board; a duplicate of the account books and registers may be kept and maintained in entity’s country of origin. (b) The account books and registers must be segregated and kept separately from the account books and registers of any other person. (c) The originals of the account books and registers of an international financial services entity are considered as belonging to the international financial services entity regardless of whether the entity is a person or constitutes a unit of another person.
V.I. Code tit. 9, § 729 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 729. Reports

 Every international financial services entity shall submit to the Board all reports as may be required by the regulations of the Board, including an annual financial statement prepared by certified public accountants, licensed to practice in the Virgin Islands, as well as interim financial statements.
V.I. Code tit. 9, § 730 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 730. Revocation, suspension or surrender

 (a) The license issued under section 721 is subject to revocation or suspension by the Board, upon previous notice and hearing pursuant to the regulations under this chapter, if: (1) An international financial services entity or the person of which the international financial services entity is a unit, contravenes or fails to comply with any of the provisions of this chapter, any regulation of the Board, or any of the terms or conditions of the license to operate an international financial services entity. (2) An international financial services entity fails to pay the annual license fee of $75,000. (3) The Board finds that the business or affairs of an international financial services entity are conducted in a manner that is not consistent with the public interest. (b) In all hearings commenced under this chapter, the International Financial Services Entity has the burden of proof, and the standard of proof is by clear and convincing evidence. The Board may not undertake any arbitrary or discriminatory enforcement action. (c) An international financial services entity or the person of which the international financial services entity is a unit, may at any time, and in the manner provided by the regulations of the Board, surrender its license to operate an international financial services entity.
V.I. Code tit. 9, § 731 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 731. Dissolution

 (a) The Board may appoint a receiver and order the dissolution of an international financial services entity if the license of the international financial services entity or of the person of which the international financial services entity is a unit, is revoked or surrendered under section 730. (b) The receiver appointed must be a person of recognized moral qualities, with vast experience in the field of banking or finance, and the receiver’s performance with the international financial services entity must be secured by an adequate bond, to be paid by the international financial services entity itself. (c) The receiver shall manage the international financial services entity in accordance with the provisions of this chapter and shall: (1) take possession of the assets and liabilities, books, records, documents and files which belong to the international financial services entity; (2) collect all loans, charges and fees owed to the international financial services entity; (3) pay all obligations and debts of the international financial services entity, after having paid the necessary costs of the receivership; and (4) supervise the dissolution and liquidation of the international financial services entity.
V.I. Code tit. 9, § 733 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 733. Confidentiality

 (a) The information that the international financial services entity provides to the Board pursuant to this chapter and the regulations of the Board must be kept confidential, except: (1) when disclosure of such information is required by law or judicial order; or (2) through a formal petition of a domestic or foreign government agency in the course of the exercise of its supervisory function. In such case, the information must be delivered under a binding agreement with the concerned government entity to maintain the confidential nature of the information. However, the exception under this paragraph may under no circumstances be extended to information regarding clients of the international financial services entity unless the client is under investigation or has been convicted in another jurisdiction.
V.I. Code tit. 9, § 734 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 734. Administrative hearings, adjudication proceedings and judicial review

 All matters related to administrative hearings procedure, adjudicatory proceedings and judicial review must be set forth by regulations promulgated by the Board. The regulations must substantially conform to the principles of the federal Administrative Procedure Act, 5 U.S.C. Sec. 551 et seq.
V.I. Code tit. 9, § 735 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 735. Inapplicability of existing laws

 Neither the provisions of this title, nor chapter 15 of title 11, which fix the maximum interest rates or charges permitted on loans, are applicable to the operations of international financial services entities established under this chapter.
V.I. Code tit. 9, § 735a (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter I - International Banking Entities|§ 735a. The International Financial Services Center Revolving Fund

 (a) There is established in the Treasury of the Government of the Virgin Islands a fund designated as the International Financial Services Center Revolving Fund. The Commissioner of Finance shall administer the Fund as a separate and distinct fund in the Treasury of the Government of the Virgin Islands. (b) The Fund consists of an annual appropriations of not less than $75,000 to be used exclusively for the administrative costs and the salary of a qualified financial services examiner whose primary responsibility is to ensure that persons issued a license under this chapter comply with this chapter. The Commissioner of Finance shall disburse monies from the Fund to the Board to pay the salary of the examiner.
V.I. Code tit. 9, § 737 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter II - Tax Incentives|§ 737. Contract

 Each certificate granting tax incentive benefits issued under this subchapter is a contract between the Government of the Virgin Islands and the beneficiary. Should the Government adopt any legislation impairing or limiting the obligations going forward, existing contracts must be honored.
V.I. Code tit. 9, § 739 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter II - Tax Incentives|§ 739. Discrimination, hearing, certificate revocation

 If after notice and hearing the Commissioner of Labor finds that the beneficiary or any contractor or any other agent of the beneficiary has willfully practiced discrimination in employment based on age, sex, race, national origin or religion, the Commissioner shall certify the finding to the Board, who shall revoke the beneficiary’s certificate upon clear and convincing evidence at a hearing in compliance with local and federal due process requirements. The beneficiary has a right to seek immediate judicial review to the Virgin Islands Superior Court of any adverse decision.
V.I. Code tit. 9, § 740 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter II - Tax Incentives|§ 740. Employment of residents by international financial services entity; temporary permits

 (a) After the third year of operation, an international financial services entity shall have at least 60% of its management, supervisory or technical positions filled by residents of the Virgin Islands as defined in title 29, section 703 of the Virgin Islands Code, unless granted a waiver by the Board. (b) A waiver may be granted only when: (1) The Commissioner of Labor has certified that: (A) The beneficiary has not been able to recruit individuals to fill the positions; or (B) The beneficiary has not been able to train individuals to fill the positions; or (C) The beneficiary has demonstrated to the Commissioner of Labor that the beneficiary’s training program has failed to provide the individuals capable of filling the positions and that the beneficiary has made a public effort to recruit personnel for the positions; or (2) The Board has made a finding that the economic position of the beneficiary is such that the beneficiary cannot comply with the requirement without further erosion of its financial position or that the beneficiary cannot comply for such other practical reasons that the Board has established by regulations.
V.I. Code tit. 9, § 741 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter II - Tax Incentives|§ 741. Powers and duties of the Commissioner of Labor

 (a) The Commissioner of Labor shall appoint a qualified and responsible employee of the Department of Labor to administer, supervise and enforce or cause to be enforced the provisions of this section and section 740, and in this context may promulgate necessary regulations, conduct such investigations and institute such remedial action as may be required. Should remedial action be found to be required, the beneficiary would be required to pay for reasonable costs, as determined by the Board, of investigation. (b) Any beneficiary applying for permission to hire nonresidents in accordance with subsection (d)(2) shall submit a specification of the number of nonresident workers required and their occupational classifications and wage rates to the Commissioner of Labor for review prior to any grant of permission to hire a nonresident. Upon receiving the information and material, the Commissioner shall: (1) promptly supply the information and material to all labor unions operating in the Virgin Islands; (2) at the expense of the beneficiary, give public notice of such employment opportunity; and (3) assist the beneficiary in the recruitment of residents. (c) The Commissioner of Labor shall provide an evaluation of those residents available in the labor market with the necessary skills suitable for employment by the beneficiary. All beneficiaries employing nonresidents shall annually prepare and file with the Commissioner of Labor a complete roster of all nonresidents and a detailed description of the positions held by such nonresidents. The Commissioner of Labor shall promulgate specific regulations governing compliance with these requirements. (d) A beneficiary may not employ a person who is not a resident of the Virgin Islands unless: (1) After hiring the nonresident, at least 80 percent of the beneficiary’s employees are residents of the Virgin Islands; or (2) The Department of Labor has certified that: (A) The beneficiary requested the Department of Labor’s assistance in filling the vacancy; and (B) The Department of Labor was unable, within thirty working days after the beneficiary’s request, to refer any qualified applicants to the beneficiary for employment. (e) The Commissioner of Labor shall report all violations of the resident employment provisions of this chapter to the Board.