reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 86 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 7 - Merger or Consolidation|§ 86. Recourse of dissenting stockholders

 If any stockholder not voting in favor of said merger or consolidation agreement records his opposition to such merger or consolidation at the time of the meeting, or within twenty days thereafter, and demands payment of his shares, and if such merger or consolidation is carried out, in such case said stockholder may, within sixty days after the merger or consolidation, upon written ten-day notice on said corporation, petition the District Court to appoint three appraisers to estimate and determine the value of his shares, and the court shall make such appointment. It shall also designate the date and place where the appraisers shall first meet, and shall give them such instructions as to such procedure to be followed as the court may deem pertinent. The court shall also specify the date and manner in which the value of said shares shall be paid to the aforesaid stockholder. The appraisers shall meet on the date and at the place designated, and after taking oath, shall proceed to perform the duties imposed on them by the court and to estimate and determine the value of the aforesaid shares. They shall deliver a copy of their report to the court and to the corporation, and to the stockholder, if he demands it. All expenses incurred in determining the value of said shares shall be for account of the corporation. When the corporation has paid the value of the aforesaid shares, as the same may have been fixed by the appraisers, said shares shall be canceled and the stockholder shall cease to be a stockholder of the corporation or to have any interest therein, and the corporation may dispose of such shares of stock for its own benefit. In case of emergency, when necessary for a better protection of the interests of the depositors and of the bank, if the merger or consolidation is approved by the votes of the stockholders of three-fourths of the shares, such merger or consolidation agreement having been submitted to the consideration of the Banking Board and thereby approved, the stockholders who may not have agreed to said merger shall in all respects be subject to, and be bound by, such merger or consolidation. The Banking Board shall, in these cases, certify that the merger was made on account of an emergency, and that, in its opinion, the same will be beneficial to the public interest. Should the Banking Board disapprove the merger or consolidation agreement made by reason of emergency, it shall, within the term of ninety days, serve notice of its determination by registered mail on the banks interested in the agreement. The finding of the Banking Board disapproving a merger or consolidation agreement made for reasons of emergency shall be conclusive.
V.I. Code tit. 9, § 87 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 7 - Merger or Consolidation|§ 87. Title to property and assets

 When a merger or consolidation is made under the provisions of this title, each and all the property, shares, rights, franchises, powers and privileges of the merged or consolidated financial institutions shall become the property of the consolidated or of the newly organized financial institution, without need of executing any instrument or document of conveyance, and the consolidated or newly organized financial institution, as the case may be, shall have, as regards such property, shares, rights, franchises, powers and privileges, the same rights as the merged or consolidated entities had. In order that the consolidated or the newly organized, financial institution as the case may be, may have recorded in its name the properties, shares, rights and franchises as a result of such merger or consolidation, it shall file a copy of the merger or consolidation agreement, certified by the Lieutenant Governor, under his seal, in the Office of the Recorder of Deeds in the judicial division in which the principal office of the corporation is located, and in the Office of the Recorder of Deeds of each other judicial division in which may be located any real property of the corporation, and, upon payment of the recording fees fixed by law, such instruments shall be admitted to record.
V.I. Code tit. 9, § 88 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 7 - Merger or Consolidation|§ 88. Obligations of merged or consolidated entities

 The obligations of the merged or consolidated financial institutions and the rights of the creditors of any of them shall in no case be prejudiced or impaired in any way by such merger or consolidation, and none of the rights, obligations and claims of any person, creditor, depositories and trustees, shall be affected by such merger or consolidation, and the consolidated or newly organized entity as the case may be, shall have all the obligations and shall be liable for all debts and the fulfillment of all the contracts and obligations of the merged or consolidated entities, just as they were prior to such merger or consolidation, and the stockholders of said entities so merged or consolidated shall continue subject to the same obligations, claims and demands as existed against them when the merger or consolidation was made or before that time, and all suits, actions or other proceedings then pending in any court, to which any of the merged or consolidated entities is a party, shall continue to their termination just as if no such merger or consolidation had taken place; provided, however, that the consolidated corporation or the newly organized entity, as the case may be, may be substituted in place of any of the entities which have merged or consolidated, by order of the court taking cognizance of the proceedings.
V.I. Code tit. 9, § 102 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 9 - Foreign Banks|§ 102. Investigation by Banking Board; permit required

 (a) No foreign bank may open any branch, or change the location of any branch, in the United States Virgin Islands without a permit so to do from the Banking Board. An application to the Banking Board for such permit shall state the benefit to the public expected to result from the granting of the permit applied for. The Banking Board, upon receipt of such application, may require the submittal of such additional information as may be necessary in order for the board to make the investigations and reach the decision hereinafter in this section required of such board. (b) It shall be the duty of the Banking Board, immediately after it receives an application for a permit, to make whatever investigations may be necessary as to: (1) the overall financial condition of the applicant; (2) whether or not granting the application would reasonably be apt to result in an over-extension of applicant's resources or facilities; (3) character and repute, as well as the banking and commercial experience of applicant and its directors and executive officers; (4) whether the bank shall be of benefit to the general public; and (5) the capital which the bank has available for its operations in the United States Virgin Islands. (c) The Banking Board may issue the permit applied for if, in its judgment, the result of the investigations are satisfactory; provided, that the decision of the Banking Board shall be final; and provided further, that all expenses incurred by the Banking Board in connection with such investigations shall be paid by the applicant in conformity with regulations which the board may make and promulgate for the purpose. (d) Upon the issuance of a permit to an applicant, the Banking Board shall forthwith transmit a certified copy thereof to the Lieutenant Governor, who shall file it along with such other documents submitted to the Lieutenant Governor under the provisions of section 101 of this title.
V.I. Code tit. 9, § 103 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 9 - Foreign Banks|§ 103. Assets to be retained in United States Virgin Islands

 Every foreign bank which is engaged in banking operations in the United States Virgin Islands shall be under obligation to retain therein either as loans, bonds of the Government of the United States or of the Government of the United States Virgin Islands or obligations of the political subdivisions thereof, real property situate in the United States Virgin Islands, or in cash, an amount equal to 75 percent of the total amount of its deposits of residents in the United States Virgin Islands; provided, however, that checks, bills of exchange, drafts and other instruments deposited for collection shall not be considered as deposits of money until such checks, bills of exchange, drafts and other instruments have been collected and paid. The violation of this provision shall be sufficient cause for the cancellation of its license.
V.I. Code tit. 9, § 104 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 9 - Foreign Banks|§ 104. Commencement of business

 (a) When the permit of the Banking Board is received by the foreign bank, as provided in section 102 of this title, it shall proceed to comply with all applicable provisions of law so as to place it in readiness to commence business upon issuance to it of the license provided by section 43 of this title. When such foreign bank is in such position of readiness, it shall notify the Banking Board, by means of a statement of all facts necessary to enable the Banking Board to determine whether such foreign bank has in fact complied with all the requirements of law and is lawfully entitled to commence business, such statement to be sworn to by a majority of the directors and by the president or manager of such foreign bank. (b) Upon receipt of such statement by the Banking Board the board shall make such investigations as may be necessary to assure itself that the foreign bank has in fact complied with all the provisions of law to entitle it to a license to engage in the business of banking. (c) If, upon a careful examination of the facts so reported, or any other relevant facts which may come to the knowledge of the Banking Board, the board is satisfied that the foreign bank has obtained the deposit and other insurance coverage required by subsection (b) of section 61 of this title, and that such bank has complied with all of the provisions of this chapter required to be complied with before a foreign bank shall be authorized to commence the business of banking in the United States Virgin Islands, the Banking Board shall direct the Lieutenant Governor to give such foreign bank a certificate, under his hand and official seal, stating that such foreign bank has complied with all the requirements of law, and that it is authorized to commence business immediately upon the issuance of a license thereto in accord with the provisions of section 43 of this title. But the board may withhold from a foreign bank the certificate authorizing it to commence business, whenever it is satisfied that the foreign bank seeks to do business in the United States Virgin Islands for any other than the legitimate objects determined by this chapter. (d) The expense incurred by the Banking Board in connection with such investigation shall be paid by the foreign bank in conformity with regulations which the board may make and promulgate for the purpose. (e) The president or manager of the foreign bank shall cause the certificate issued under subsection (c) of this section to be published once a week during five consecutive weeks in a newspaper of general circulation in each judicial division of the United States Virgin Islands.
V.I. Code tit. 9, § 105 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 9 - Foreign Banks|§ 105. Applicability of chapter to foreign banks; penalties

 No foreign bank shall transact business in the United States Virgin Islands except upon compliance with the applicable provisions of this chapter. Violations of this chapter shall be punished by a fine of not to exceed $1,000 for each day that the violation continues. Any person who shall make a false oath in any case where an oath is required under this chapter, or any person filing or causing to be filed said oath, in the United States Virgin Islands, shall be guilty of perjury.
V.I. Code tit. 9, § 132 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 11A - Consumer Funds Transfer Facilities|§ 132. Definitions

 As used in this chapter, unless the text otherwise requires: (a) “Consumer funds transfer facility” means an automated teller machine, including any supporting equipment, structures, or systems; (b)  (1) “Automated Teller Machine” means an unmanned, free-standing electronic information processing device that uses either the direct transmission of electronic impulses or the recording of electronic impulses or other indicia of a transaction for delayed transmission in order to perform financial transactions, or any other electronic device that, operating in conjunction with a processor and network, allows a consumer to debit an account in exchange for dispensing cash but does not mean a point of sale device. (2) “Nonbank automated teller machine” means an automated teller machine owned or operated by any person other than a bank or foreign bank. (c) “Financial transaction” means cash withdrawals, deposits, account transfers, payments from deposit, loan or thrift accounts, disbursements under a pre-authorized credit agreement, or loan payments and other similar transactions. (d) “Office” means the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation. (e) “Network” means a person engaging primarily in the establishment and maintenance of a computer-operated system of transmitting items and messages between banks, processors and automated teller machines or similar electronic devices. (f) “Nonbank operator” means any person other than a bank or foreign bank that owns, leases, or otherwise legally controls an automated teller machine. (g) “Processor” means a person who electronically acquires financial data emanating from a nonbank automated teller machine and relays such data to a network. (h) “Servicing agent” means a person who contracts with a nonbank operator to provide consumer relations, financial record keeping or similar services in regard to an automated teller machine.
V.I. Code tit. 9, § 133 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 11A - Consumer Funds Transfer Facilities|§ 133. Transaction fees for consumer funds transfer facilities

 (a) Any bank or foreign bank operating or sharing the use of a consumer funds transfer facility may: (1) make the facilities available for use by account holders of banks, foreign banks or other financial service providers other than the institution owning the facility; (2) connect the facility with a regional or national consumer funds transfer system for the purpose of handling financial transactions; (3) impose a reasonable financial transaction fee for the use of an automated teller machine by persons other than those account holders of such banks or foreign bank, if the imposition of the fee is disclosed at a time and in a manner that allows the user to terminate or cancel the transaction without incurring the transaction fee. Ten percent (10%) of such fees shall be paid not less than quarterly by such bank, or foreign bank to the Commissioner of Finance for deposit within the Tourism Revolving Fund established pursuant to Title 33, Section 3072, Virgin Islands Code. This fee may be in addition to any other charges imposed by the operator of any consumer funds transfer system or by any other financial institution. (b) The fee provided in subsection (a), paragraph (3) of this section applies only to automated teller machines. (c) An agreement to share automated teller machines may not: (1) prohibit, limit, or otherwise restrict the right of a bank or foreign bank to charge a customer any fee allowed by territorial or federal law; (2) require a bank or foreign bank to limit or waive its rights or obligations under this chapter. (d) A nonbank operator may impose a reasonable financial transaction fee for use of an automated teller machine but only if the amount of the fee is clearly and conspicuously disclosed as follows: (1) on a sign posted on the automated teller machine or in clear view of a consumer viewing such machine; and (2) electronically during the course of the transaction in a manner that permits the consumer to cancel the transaction without incurring the fee.
V.I. Code tit. 9, § 141 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 12 - Home Equity Loans|§ 141. Definitions

 (a) For purposes of this chapter: (1) “Advertisement” means a commercial message in any medium that promotes, directly or indirectly, a credit transaction; (2) “Balloon payment” means a loan in which the consumer is required to repay the entire amount of any outstanding balance as of a specified date or at the end of a specified period of time, as determined in accordance with the terms of the agreement pursuant to which such credit is extended and the aggregate amount of the minimum periodic payments required would not fully amortize such outstanding balance by such date or at the end of such period; (3) “Consumer” means a natural person to whom consumer credit is offered or extended; (4) “Consumer credit” means credit offered or extended to a consumer primarily for personal, family or household purposes; (5) “Creditor” means a person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including the downpayment, and to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. A person shall regularly extend credit only if it extends credit more than five times for transactions secured by a dwelling in the preceding calendar year. If a person did not meet the numerical standards in the preceding calendar year, the numerical standards shall be applied to the current calendar year; (6) “Dwelling” means a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if used as a residence; (7) “Home equity loan” means any open end consumer credit plan in which a consensual security interest is created or retained against the consumer's dwelling; and (8) “Open end consumer credit plan” means consumer credit extended by a creditor under a plan in which the creditor reasonably contemplates repeated transactions; the creditor may impose a finance charge from time to time on an outstanding unpaid balance; and the amount of credit that may be extended to the consumer during the term of the plan (up to any limit set by the creditor) is generally made available to the extent that any outstanding balance is repaid. (b) Unless defined by this section, regulation of the Virgin Islands Banking Board or the context clearly requires otherwise, the words used in this chapter shall have the meanings given them by the Truth in Lending Act of the Consumer Protection Act (15 U.S.C. 1601 et seq.) and regulations issued pursuant thereto.
V.I. Code tit. 9, § 142 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 12 - Home Equity Loans|§ 142. Consumer protection disclosures.

 (a) At the time that a consumer makes an initial application to a creditor for a home equity loan in person, or within three business days if the consumer applies by mail or telephone, the creditor shall provide the applicant with a disclosure in either of the following forms: (1) The statement: “THIS HOME EQUITY LOAN THAT YOU ARE APPLYING FOR WILL BE SECURED BY A MORTGAGE AGAINST YOUR HOME AND FAILURE TO REPAY THE LOAN FOR ANY REASON COULD CAUSE YOU TO LOSE YOUR HOME!” (2) A statement to the effect that a home equity loan is secured by a mortgage against the home of the consumer and in the event of any default the consumer risks the loss of the home. (b) The disclosure required in subsection (a) of this section shall be made by either of the following means: (1) A separate and specific document attached to or accompanying the application. (2) A clear and conspicuous statement on the application. (c) On every home equity loan in which there is a balloon payment, there shall be printed or clearly stamped on the mortgage or other instrument signed by the consumer by which the consumer grants a security interest against the consumer's dwelling a statement in substantially the following form: (d) A creditor of a home equity loan shall provide to the consumer all disclosures required by the Truth in Lending Act of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) and regulations issued pursuant thereto. (e) To the extent that the provisions of this section are inconsistent with respect to disclosure, advertisement, terminology, form, content or other requirements of the Truth in Lending Act of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) and regulations issued pursuant thereto, compliance with said federal law and regulations shall be deemed to be compliance with this section.
V.I. Code tit. 9, § 143 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 12 - Home Equity Loans|§ 143. Restrictions on fees, penalties and advertisements

 (a) No fee, penalty or other form of payment may be charged a consumer for prepayment of all or part of the balance of a home equity loan. (b) No advertisement for a home equity loan may refer to such loan as “free money” or use any other term determined by the Banking Board to be misleading.
V.I. Code tit. 9, § 144 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 12 - Home Equity Loans|§ 144. Penalties.

 Any person who violates the provisions of section 142 and 143 of this chapter shall upon conviction be subject to a fine of not more than $1,000.
V.I. Code tit. 9, § 151 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 13 - Receivership and Liquidation|§ 151. Receivership of bank or foreign bank

 (a) If, in consequence of an examination or report made by an examiner, or otherwise, the Banking Board should have reason to believe that a bank or foreign bank is not in sound financial condition to continue doing business, or that its affairs are being conducted in such a manner that the public or the persons or entities having securities or funds under its custody are in danger of being defrauded, or if any such bank shall violate its charter or any law relative thereto, or if it becomes insolvent, the Banking Board shall apply to the District Court for the appointment of a receiver to take charge of and wind up the affairs of such bank. (b) If the court, after hearing all parties concerned, determines that the facts alleged by the Banking Board are supported by the evidence, it shall appoint a receiver. Upon his appointment the receiver shall, under the direction of the Banking Board, take possession of the assets and liabilities, books, records, papers and files of every description belonging to the bank, and collect all loans, fees, and claims of the bank, and see to the payment of its obligations and debts, and to the necessary expenses of receivership. He shall proceed to liquidate the affairs of the bank as soon as possible, and to this end may sell the personal and real property and other assets of the bank, but subject to the approval of the Banking Board. The receiver shall continue to perform his duties in the manner aforesaid until the bank or foreign bank is fully liquidated.