V.I. Code tit. 17, § 486 (2019)
2019 US Virgin Islands Code|Title 17 - Education|Chapter 34 - University of the Virgin Islands Research and Technology Park|Subchapter II - University of the Virgin Islands Research and Technology Park|§ 486. Board of Directors; powers and duties

 The Board of Directors shall have the following powers and duties to effectuate the purposes of this chapter, including but without limiting the generality of the foregoing: (a) To do any and all things permitted under the laws of the Virgin Islands to effectuate the purposes of this chapter and chapter 42 of this title; (b) To sue and be sued; (c) To adopt, alter and use a corporate seal that shall be judicially noticed; (d) To adopt, amend and repeal by-laws not inconsistent with this chapter, providing for the internal organization and management of the Corporation, for the administration of its affairs and operations, and for carrying into effect the powers and purposes of the Corporation; (e) To use and develop property of the University of the Virgin Islands, subject to such lease or contract terms and conditions as the University shall require in order to provide direction and guidance to the Board and management of the Corporation relating to the University's property including matters as, but not limited to, permitted uses, planning, construction, financing, permitting, rental, and development; (f) To make contracts and agreements with any public or private corporation, partnerships or individuals and to execute all instruments necessary or convenient in the exercise of any of its powers; (g) To acquire property, real, personal, or mixed, tangible or intangible, or any interest therein deemed by it to be necessary or desirable for carrying out the purposes of acquisition, construction, reconstruction, improvement, maintenance, preservation or furnishing of one research and technology development park project of the Corporation or otherwise to dispose of said property by any lawful means, and to own, hold, develop, improve, redevelop, repair, maintain, use and operate said property; (h) To sell, lease, exchange, transfer, assign, mortgage, pledge, or otherwise dispose of, or encumber, any real or personal property owned by the Corporation; (i) To borrow money and contract debts for its corporate purposes upon such terms and conditions as the Corporation may from time to time determine, with or without security, to dispose of its obligations evidencing such borrowing and contracting of debt and to make, execute and deliver trust indentures and other agreements with respect to any such borrowing and contracting of debt; (j) To lend the proceeds of bonds or other money to, or to apply proceeds of bonds or other money to purchase bonds issued by, the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands, such loans or bonds to be secured in such manner as the Corporation shall determine; (k) To accept grants or loans from, and enter into contracts, leases, agreements, or other transactions with any federal agency, the Government of the Virgin Islands, or political subdivisions thereof, and to expend the proceeds of any such grants or loans for any of its corporate purposes; (l) To invest its funds in direct obligations of the United States or obligations guaranteed as to both principal and interest by the United States; in obligations of any state, territory, possession or commonwealth of the United States or of any agency, instrumentality, commission, authority or other political subdivision of the United States or any state, territory, possession or commonwealth of the United States; in obligations of the Government of the Virgin Islands, or obligations guaranteed as to both principal and interest, by the Government of the Virgin Islands; in obligations of any agency, instrumentality, commission, authority, or other political subdivision of the Virgin Islands; in obligations of international banking institutions; in obligations issued, or the principal of and interest on which are unconditionally guaranteed, by any agency or instrumentality of or corporation wholly owned by the United States; in repurchase agreements or investment contracts with, or bank acceptances or bank time deposits evidenced by certificates of deposit; (m) To appoint officers and agents, to prescribe their qualifications, to fix their compensation and to pay the same out of funds of the Corporation and to retain and employ private consultants and attorneys for professional and technical assistance and advice; (n) To grant an option to renew any lease with respect to any Research and Technology Park project; (o) To make loans to any public or private corporation, partnership or individual with respect to any project in order to effectuate the purposes of this chapter; (p) To accept grants of real and personal property; (q) To accept and carry out federal grant programs with approval of the Legislature and the Governor; (r) To publish an annual statement of condition in the same detail as required by national banks; (s) To enter into collective bargaining agreements with employees of the Corporation; (t) To hold regularly scheduled meetings; (u) To acquire and use trademarks and trade names in accordance with applicable federal and territorial law; (v) To provide Research and Technology incentives to businesses meeting certain criteria as set out in section 490A(b) of this chapter. (w) To promote and publicize the Research and Technology Park Corporation Act, including preparing, purchasing, and distributing by mail, the internet, and other means, materials concerning the Research and Technology Park; (x) To request and obtain such accounting, legal, engineering, or scientific services as it deems necessary to effectuate the property administration of this Chapter; (y) To coordinate with Federal and Virgin Islands Government agencies to streamline permit and license application procedures for businesses located in the Research and Technology Park as appropriate; (z) To establish such reporting requirements as it may require of businesses in the Research and Technology Park; (aa) To apply, or work with businesses in the Research and Technology Park to apply for federal and territorial grants, loans, and service that can benefit business in the Research and Technology Parks; (bb) To monitor enterprises that are established in or relocated to a Research and Technology Park; (cc) To prepare and promulgate such rules and regulations as may be necessary to effectuate the provisions of this chapter; (dd) To develop a web site of Knowledge-Based Businesses operating in the Virgin Islands, including Electronic Commerce Businesses, and to seek ways to coordinate the recruiting, marketing, research, internships, synergies with the University of the Virgin Islands, and other aspects of such businesses; (ee) To qualify businesses meeting certain pre-defined criteria for location within the Research and Technology Park and benefits pursuant to sections 490B and 490C of this chapter; (ff) To acquire, own or possess property by lawful means whether real, personal or of any other nature whatsoever, or any interests in the same, by bequest, devise, gift, purchase or lease, either absolutely or in trust, for any of its purposes, and to use, sell, improve, manage, develop, lease, mortgage, dispose of, or otherwise turn to account or deal with all or any part of its property for such purposes; (gg) To foster the development of employment and training opportunities for the residents of the Virgin Islands; (hh) To develop a schedule of fees, and other charges, as applicable, for services provided, and penalties for failure to meet designated requirements by Research and Technology Park tenants; (ii) To ensure that the Corporation provides for the financial support of the University of the Virgin Islands pursuant to terms and conditions prescribed by the Board of Trustees of the University of the Virgin Islands; (jj) To do all acts or things necessary or convenient to carry out the powers granted to it by this chapter or by any other act of the Legislature of the Virgin Islands.