V.I. Code tit. 29, § 1103 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 21 - Economic Development Authority|§ 1103. Charter of the Authority

 The Charter of the Authority shall be as follows: FIRST: The existence of the Authority shall be perpetual. SECOND: The principal office of the Authority shall be within the Virgin Islands. THIRD: The purpose for which the Authority is formed, the business or objectives to be carried out and promoted by it and the powers of the Authority are as follows: (A) To concurrently, independently or jointly exercise the functions of the GDB, EDC, IDPC and SBDA in a unified, comprehensive, efficient and economical manner in order to maximize the effectiveness of each operation in a manner designed to promote, stimulate, foster and ensure the economic development of the Territory. (B) To administer the Tax Increment Financing Program established in chapter 22 of this title. (C) To exercise all such incidental powers as may be necessary or convenient for the purpose of carrying on the herein enumerated business, purposes and objectives. FOURTH: The Authority shall also have and exercise the following powers on behalf of itself or its subsidiary corporations and entities: (A) To adopt, have and use a common seal which shall be judicially noticed and to alter the same from time to time. (B) To acquire real or personal property by grant, gift, purchase, devise or bequest, and to hold, lease, mortgage and otherwise exercise the rights of ownership of such property, and to dispose of such property, including by sale, lease or other disposition of such property to any person, including the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision of the Virgin Islands. (C) To acquire any property in the settlement or reduction of debts previously contracted or in exchange for investments previously made in the course of its business, where such acquisition is necessary to minimize or avoid loss in connection therewith, and to hold such property for such periods as the Board may deem advisable and to exercise the rights of ownership of and to dispose of the same. (D) To charge such fees for its services as the Authority deems appropriate. (E) To sue and be sued. (F) To appoint, employ and contract for the services of officers, agents, employees and professional assistants and to pay such compensation for their services as the Authority may determine. (G) To make, and from time to time modify and repeal, bylaws, rules and regulations, pertaining to itself or any of its subsidiary corporations or entities not inconsistent with law, providing for the internal organization and management of the Authority and its subsidiaries, for the administration of its affairs and operations, and for putting into effect the powers and purposes of the Authority. (H) To accept grants or loans from, and enter into contracts, leases, agreements, or other transactions with the United States, any agency, instrumentality, commission, authority or other political subdivision thereof, the Government of the Virgin Islands or any agency, instrumentality, commission, authority, or political subdivision thereof, and to apply the proceeds of any such grants or loans for any of its corporate purposes; to participate in the programs of the United States or any agency, instrumentality, commission, authority or other political subdivision thereof, and, consistent with this chapter, to do any and all things necessary to secure participation in such programs and the cooperation of such entities in achieving the policies and purposes of this chapter; and to enter into agreements with the Government of the Virgin Islands, the United States or any agency, instrumentality, commission, authority or political subdivision thereof. (I) Members of the Board, while acting within the scope of their authority as directors or officers, shall not be subject to any personal or civil liability resulting from the exercise of any of the Authority's purposes, duties or responsibilities, unless the conduct of the member is determined by a court of competent jurisdiction to constitute willful wrongdoing or gross negligence. (J) To have complete control over and exclusively exercise all of the powers, duties and obligations previously granted to, or exercised by the governing boards of the GDB, EDC, IDPC, and SBDA Authority. (K) To exercise such other corporate powers, not inconsistent herewith, as are conferred upon corporations by the laws of the Virgin Islands and to exercise all its powers within and without the Virgin Islands to the same extent as natural persons might or could do.