reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 318 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 318. —Procedure for conversion

 When such vote is had by the members of a Federal Savings and Loan Association, the directors of such association shall proceed to take the necessary action to procure a charter for a territorial association and, upon receipt of charter for a territorial association and compliance with the rules and regulations required by its charter and the laws of this territory in perfecting an association under a territorial charter and securing the consent of the Banking Board to convert into a territorial association, the directors of the territorial association shall notify in writing the directors of the federal association that it is organized and authorized to transact business. The directors of such federal association shall record such notice in the records of its proceedings and name the date that the rights and obligations set forth in section 319 of this title will be transferred to the management and control of the territorial association. Upon the acceptance of such rights and obligations by the territorial association it shall file with the directors of the federal association its acceptance of such rights and obligations set forth in section 319 of this title and no further steps shall be necessary in perfecting such conversion.
V.I. Code tit. 9, § 319 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 319. —Powers, liabilities and status of converted association

 Upon the conversion of a federal association into a territorial Savings and Loan Association the corporate existence of such federal association shall not terminate but such territorial association shall be deemed to be a continuation of the entity of the federal association so converted, and all property of the converted association, including its right, title and interest in and to all property of whatsoever kind, whether real, personal or mixed, and things in action and every right, privilege, interest, value or benefit then existing or pertaining to it, or which would inure to it, shall immediately by act of law and without any conveyance or transfer and without any further act or deed remain and be vested in and continue to be the property of the territorial association into which the federal association has converted itself. Such territorial association shall have, hold and enjoy the same in its own right as fully and to the same extent as same was possessed, held and enjoyed by the converting association, and such territorial association as of the time of the taking effect of such conversion shall continue to have and succeed to all of the rights, obligations and relations of the converting association. All pending actions and judicial proceedings to which the converting association is a party shall not be deemed to have abated or to have discontinued by reason of such conversion but may be prosecuted to final judgment, order or decree in the same manner as if such conversion into such territorial association had not been made and such territorial association resulting from such conversion may continue such action in its corporate name as a territorial association, and any judgment, order or decree may be rendered for or against it, which might have been rendered for or against the converting association in any judicial proceedings.
V.I. Code tit. 9, § 320 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 320. Dissolution and liquidation; vote required

 At a meeting duly called for such purpose, on such notice as its bylaws provide and by vote of its members taken in accordance with the provisions of section 288 of this title, a cooperative savings, building and loan association organized and existing under the laws and doing business in this territory may proceed to dissolve and liquidate its affairs.
V.I. Code tit. 9, § 321 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 321. Filing of copy of vote; discontinuance of business; disposition of income and receipts

 Within ten days after such vote a copy thereof, certified by the president and secretary of such association, shall be filed with the Banking Board and Lieutenant Governor. After such filing, such association shall issue no stock and shall not loan or advance any money to members or other persons. All income and receipts of such association after such vote, in excess of the actual expense of management, shall be applied to the payment of indebtedness, and any balance thereof shall be added to the surplus and undivided profits for distribution pro rata in accordance with the plan adopted hereunder.
V.I. Code tit. 9, § 322 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 322. Sale of assets

 With the approval of the Banking Board, the board of directors of such association may adopt such rules and regulations and make such orders as shall be just and equitable for the sale and distribution of all property and assets of such association, and for the division and application of the profits and surplus.
V.I. Code tit. 9, § 323 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 323. Investigation and approval of plan by Banking Board

 Upon the filing of the notice aforesaid, the Banking Board shall make such investigation as it deems necessary of the affairs and solvency of such association, and if it is satisfied that such association is entitled to dissolve and liquidate its affairs and with the method proposed therefor, the Board shall so certify to the president of such association.
V.I. Code tit. 9, § 324 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 324. Certification to Lieutenant Governor; termination of existence

 When the dissolution and liquidation of such association has been effected, the secretary thereof shall file with the Lieutenant Governor and the Banking Board a certificate under oath that such dissolution has been completed and that shareholders and parties interested have been paid, in accordance with the plan approved by the Banking Board. Thereafter the existence of such association shall terminate.
V.I. Code tit. 9, § 325 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 325. Violations

 If it appears to the Banking Board, from the report of such association, or from an examination made by it, or its duly appointed agents, that such an association is violating the provisions of this subchapter, or is conducting its business in an unsafe or unauthorized manner, the Board shall, by an order under its hand and seal addressed to such association, direct the discontinuance of such illegal and unsafe practices. Whenever such association neglects or refuses to comply with such order, or make reports as required, the Banking Board shall communicate such facts to the attorney general, who thereupon shall investigate the cause of such complaint and if he finds sufficient cause, he shall institute proceedings against such association as are provided by law in the case of an insolvent corporation, or such other proceedings as the nature of the case may require.
V.I. Code tit. 9, § 341 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 341. License and other prerequisites

 A foreign building and loan association shall not do business in this territory until it has complied with the provisions of sections 342–347 of this title and received a license from the Banking Board.
V.I. Code tit. 9, § 342 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 342. Filing of charter, bylaws, etc.

 A certified copy of the charter, constitution and bylaws of such association showing its manner of doing business shall be filed with the Banking Board and Lieutenant Governor.
V.I. Code tit. 9, § 343 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 343. Agent for service of process

 Such association, in writing, shall appoint the Lieutenant Governor its true and lawful attorney upon whom service of legal process in any action or proceeding against it may be made with the same force and validity as if made upon such association.
V.I. Code tit. 9, § 344 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 344. Semiannual reports

 Semiannually, on or before February 1 and August 1, such association shall file with the Banking Board a statement signed and sworn to by its president and secretary, or by three directors, showing its business standing and financial condition on the last day of December and June preceding. Such statement shall show that it possesses actual paid in, unimpaired and well invested assets of at least $300,000, and a fully paid up cash guaranty fund of $25,000.
V.I. Code tit. 9, § 345 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 345. Fees

 For the purpose of paying the expense of filing papers and compensation for making examinations, as provided in this subchapter, such association shall annually pay to the Banking Board the following fees for the use of the territory: for the first $100,000 or less of assets, $100; and for each additional $100,000 of assets, or the major portion thereof, $10 additional; and shall also pay to the Banking Board actual necessary expenses while engaged in making such examinations.
V.I. Code tit. 9, § 346 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 346. Security deposit

 (a) Such association shall deposit with the Commissioner of Finance first mortgage securities to the amount of $25,000, approved by the Banking Board. Such deposit shall be held in trust by the Commissioner of Finance for the protection and indemnity of the residents of this territory with whom such association has or may transact business. (b) All interest, premiums and dues which may accrue on the mortgages held by the Commissioner of Finance as provided in subsection (a) of this section may be collected and retained by the association depositing the same so long as such association remains solvent and faithfully performs all contracts with its members. When a mortgage is fully paid to such association, it may be surrendered to it, after such association has deposited with the Commissioner of Finance other first mortgage securities approved by the Banking Board, to the amount of those withdrawn.
V.I. Code tit. 9, § 347 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 347. Bond

 Such association shall file with the Lieutenant Governor a bond to the territory in such sum as he may require, not more than $10,000 nor less than $500, with such sureties or securities as he approves, conditioned for the making of reports and returns required by this subchapter and the payment of all taxes assessed against it and in all cases to comply with the laws of this territory.
V.I. Code tit. 9, § 348 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 348. Duties of Banking Board—Papers, reports

 The Banking Board shall file all papers required by this subchapter, and thoroughly examine the annual reports submitted by foreign building and loan associations.
V.I. Code tit. 9, § 349 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 349. Licenses

 After examination, if the Banking Board becomes satisfied that a foreign building and loan association desiring to do business in this territory is solvent and conducts its business according to law, and has complied with the provisions of this subchapter, it may issue a license to such association until January 1 following. If such association is found insolvent, or is being illegally conducted, the Banking Board shall refuse to issue such license. In case of such refusal to an association that has complied with the provisions of this subchapter, such association may appeal to the District Court.
V.I. Code tit. 9, § 350 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 350. Annual examinations

 The Banking Board or its agent shall annually make an examination of the securities, records, books and accounts of every foreign building and loan association doing business in this territory and file a report of such examination in its office.
V.I. Code tit. 9, § 351 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 351. Order for discontinuance of unsafe practices

 If it appears to the Banking Board that a foreign building and loan association licensed to do business in this territory has violated a provision of its charter, or is conducting its business in an unsafe or unauthorized manner, by an order addressed to such association, the Board shall direct a discontinuance of such illegal and unsafe practices.
V.I. Code tit. 9, § 352 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 352. Suspension of license

 Whenever it appears to the Banking Board that it is unsafe or inexpedient for such association to continue doing business in this territory, it may suspend the license granted to such association, and apply to the District Court for an injunction restraining such association from doing business in this territory. Such court shall have power to grant or refuse such injunction according to the usual procedure in equity, after reasonable notice to such association of such proceedings.
V.I. Code tit. 9, § 353 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter II - Foreign Associations|§ 353. Prohibitions and obligations

 When, by the laws of state or nation, any prohibitions, taxes, fines, penalties, licenses, fees, deposits of money, securities or other obligations are imposed upon building and loan associations of this territory, or upon their agents, doing business in such other state or nation, the same prohibitions and obligations shall be imposed on building and loan associations of such other state or nation, and upon their agents doing business in this territory, so long as such laws continue in force.
V.I. Code tit. 9, § 362 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 362. Exemptions

 The provisions of this chapter do not apply to: (1) Any bank, trust company, savings bank, savings and loan association, or credit union incorporated or chartered under the laws of the United States, any state or territory of the United States, or the Virgin Islands, and any other financial institution incorporated or chartered under the laws of the Virgin Islands or of the United States, that accepts deposits, and subsidiaries and affiliates of such entities that maintain their principal office or a branch office in the Virgin Islands and in which the lender, subsidiary, or affiliate is subject to the general supervision or regulation of, or subject to audit or examination by, a regulatory body or agency of the, [sic] any state or territory of the United States, or the United States Virgin Islands. (2) Any insurance company authorized to do business in this Territory; (3) Any corporate instrumentality of the United States government including: (A) The Federal Home Loan Mortgage Corporation; (B) The Federal National Mortgage Association; and (C) The Government National Mortgage Association. (4) Any person who takes back a deferred purchase money mortgage in connection with the sale of: (A) Residential real property owned by, and titled in the name of, that person; or (B) A new residential dwelling that the person built. (5) A person making an intra-family mortgage loan to a borrower who is related as provided in title 33 Virgin Islands Code, section 128, paragraph (8); (6) Nonprofit corporations making mortgage loans to promote home ownership or improvements for low and moderate income households; (7) Agencies of the federal government, this Territory, or any state or municipal government, or any quasi-governmental agency making mortgage loans under the specific authority of the laws or regulations of any state, this Territory, or the United States, including, without limitation, the V.I. Housing Finance Authority with respect to its activities in offering, accepting, completing, and processing mortgage loan applications under its programs; (8) Persons acting as fiduciaries, with respect to any employee pension benefit plan qualified under the Internal Revenue Code, who make mortgage loans solely to plan participants from plan assets; (9) Persons licensed in the United States Virgin Islands as attorneys, real estate brokers, or real estate salespersons, not actively and principally engaged in negotiating, placing, or finding mortgage loans, when rendering services as an attorney, real estate broker, or real estate salesperson; however, a real estate broker or a real estate salesperson who receives any fee, commission, kickback, rebate, or other payment for directly or indirectly negotiating, placing or finding a mortgage loan for others shall not be exempt from the provisions of this chapter; and (10) Persons acting in a fiduciary capacity conferred by authority of any court.
V.I. Code tit. 9, § 365 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 365. Acquisition of control; application

 (a) Except as provided in this section, no person may acquire directly or indirectly 25% or more of the voting shares of a corporation or 25% of the ownership of any other entity licensed to conduct business under this chapter unless such person first: (1) files an application with the Banking Board in such form as the Banking Board may prescribe from time to time; (2) delivers such other information to the Banking Board as it may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, officers, principals, and members, and of any proposed new directors, officers, principals, or members of the licensee; and (3) pays such application fee as the Banking Board may prescribe. (b) Upon the filing and investigation of an application, the Banking Board shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members, if applicable, its directors, officers, and principals and any proposed new directors, members, officers, and principals have the financial responsibility, character, reputation, experience and general fitness to warrant the belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law. The Banking Board shall grant or deny the application within 60 days after the date a completed application, accompanied by the required fee, is filed unless the period is extended by order of the Banking Board reciting the reasons for the extension. If the application is denied, the Banking Board shall notify the applicant of the denial and the reasons for the denial. (c) The provisions of this section do not apply to: (1) the acquisition of an interest in a licensee directly or indirectly, including an acquisition by merger or consolidation, by or with a person licensed by this chapter or a person exempt from this chapter; (2) the acquisition of an interest in a licensee directly or indirectly, including an acquisition by merger or consolidation, by or with a person affiliated through common ownership with the licensee; or (3) the acquisition of an interest in a licensee by a person by bequest, descent, survivorship, or operation of law. (d) the person acquiring an interest in a licensee in a transaction which is exempt from filing an application pursuant to subsection (c) of this section shall send written notice to the Banking Board of such acquisition within 10 days after the closing of such acquisition.
V.I. Code tit. 9, § 366 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 366. Rejection of license application

 (a)  (1) If an applicant does not meet the requirements of section 363 of this chapter, the Banking Board shall: (A) immediately notify the applicant in writing of this fact; (B) return the bond filed; and (C) refund the license fee. (2) The Banking Board shall keep the investigation fee and application fee. (b) Within 30 days after the Banking Board denies an application, the Banking Board shall: (1) issue a written decision containing the reasons upon which the denial was based; (2) send a copy of the decision to the applicant; and (3) advise the applicant of a right to a hearing. (c)  (1) An applicant who seeks a hearing on a license application denial shall file a written request for a hearing within 45 days following receipt of the written decision for denial. (2) A hearing date established in response to the filing of a notice under this subsection may be postponed only once for a period of up to 30 days after the initial hearing date.
V.I. Code tit. 9, § 367 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 367. License expiration and renewal; annual fee

 (a) A license expires an December 31 after its effective date, unless the license is renewed for a one year term as provided in this section. (b) Before a license expires, the licensee periodically may renew the license for additional one year terms, if the licensee; (1) otherwise is entitled to be licensed; (2) submits to the Banking Board a renewal application on the form that the Banking Board prescribes; and (3) files a bond or bond continuation certificate for the amount required under section 363 of this chapter. (c) If a license is issued for less than a full year, is surrendered voluntarily, is suspended, or is revoked, the Banking Board may not refund any part of the license fee, regardless of the time remaining in the license year. (d) In order to defray the costs of the examination, supervision, and regulation of mortgage lenders, every mortgage lender required to be licensed under this chapter shall pay an annual renewal fee calculated in accordance with a schedule set by regulations promulgated by the Banking Board. The schedule must bear a reasonable relationship to the total assets of such individual mortgage lenders and to other factors relating to their supervision and regulation. Every mortgage broker required to be licensed under this chapter shall pay an annual renewal fee calculated in accordance with a schedule set by regulation promulgated by the Banking Board. All such fees must be paid by the licensed mortgage lenders and mortgage brokers upon submission of the renewal application.