reglab/housing_qa huggingface dataset:
V.I. Code tit. 13, § 804 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 804. Investors, loans; membership in financial institutions

 (a) Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or trust indentures: (1) Any person, including all domestic corporations organized for the purpose of carrying on business within the United States Virgin Islands, and further including without implied limitation public utility companies and insurance companies, and foreign corporations licensed to do business within the United States Virgin Islands, and all financial institutions as defined herein, and all trusts, are hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of any bonds, securities, or other evidence of indebtedness created by, or the shares of the capital stock of the corporation, and while owners of said stock to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the Government of the United States Virgin Islands except as otherwise provided in this chapter; provided, however, that a financial institution which does not become a member of the corporation shall not be permitted to acquire any shares of the capital stock of the corporation. (2) All financial institutions are hereby authorized to become members of the corporation and to make loans to the corporations as provided herein and; (3) Each financial institution which becomes a member of the corporation is hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences of indebtedness created by, or the shares of the capital stock of the corporation, and while owners of said stock to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the Government of the United States Virgin Islands; provided, that the amount of the capital stock of the corporation which may be acquired by any member pursuant to the authority granted herein shall not exceed ten percent (10%) of the loan limit of such member. (b) The amount of capital stock of the corporation which any member is authorized to acquire pursuant to the authority granted herein is in addition to the amount of capital stock in corporations which such member may otherwise be authorized to acquire.
V.I. Code tit. 13, § 806 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 806. Duration of membership; withdrawal

 (a) Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation six (6) months in advance, a member may withdraw from membership in the corporation at the expiration date of such notice. (b) A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of said member.
V.I. Code tit. 13, § 807 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 807. Powers of stockholders and members; voting

 (a) The stockholders and members of the corporation shall have the following powers of the corporation: (1) To determine the number of and elect directors as provided in section 809 hereof; (2) To make, amend, and repeal bylaws; (3) To amend this chapter as provided in section 808; (4) To dissolve the corporation as provided in section 814(b); (5) To do all things necessary or desirable to secure aid, assistance loans and other financing from any financial institutions, and from any agency established under the Small Business Investment Act of 1958, Public Law 85–699, 85th Congress, or similar federal laws now or hereafter enacted; (6) To exercise such other of the powers of the corporation consistent with this chapter as may be conferred on the stockholders and the members by the bylaws. (b) As to all matters requiring action by the stockholders and the members of the corporation, said stockholders and said members shall vote separately thereon by classes, and except as otherwise herein provided, such matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled. (c) Each stockholder shall have one (1) vote, in person or by proxy, for each share of capital stock held by him, and each member shall have one (1) vote, in person or by proxy, except that any member having a loan limit of more than one thousand dollars ($1,000.00) shall have one (1) additional vote, in person or by proxy, for each additional one thousand dollars ($1,000.00) which such member is authorized to have outstanding on loans to the corporation at any one time as determined under subparagraph (ii) of paragraph (3) of subsection (b) of section 805 of this chapter.
V.I. Code tit. 13, § 808 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 808. Amendment of articles of incorporation

 (a) The articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (⅔) of the votes to which the stockholders shall be entitled and two-thirds (⅔) of the votes to which the members shall be entitled; provided, that no amendment of the articles of incorporation which is inconsistent with the general purposes expressed herein or which authorizes any additional class of capital stock to be issued, or which eliminates or curtails the right of the Banking Board to examine the corporations or the obligation of the corporation to make reports as provided in section 812 of this chapter, shall be made; and, provided further, that no amendment of the articles of incorporation which increases the obligation of a member to make loans to the corporation, or makes any change in the principal amount, interest rate, maturity date, or in the security or credit position of any outstanding loan of a member to the corporation, or affects a member's right to withdraw from membership as provided herein, or affects a member's voting rights as provided herein, shall be made without the consent of each member affected by such amendment. (b) Within thirty (30) days after any meeting at which an amendment of the articles of incorporation has been adopted, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth such amendments and due adoption thereof, shall be submitted to the Lieutenant Governor who shall examine them, and if he finds that they conform to the requirements of this chapter, shall so certify and endorse his approval thereon. Thereupon, the articles of amendment shall be filed in the office of the Lieutenant Governor, and no such amendment shall take effect until such articles of amendment shall have been filed as aforesaid.
V.I. Code tit. 13, § 809 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 809. Management of corporation; officers and directors

 (a) The business and affairs of the corporation shall be managed and conducted by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation by its bylaws shall authorize. The board of directors shall consist of such number not less than fifteen (15) nor more than twenty-one (21), as shall be determined in the first instance by the incorporators and thereafter annually by the members and the stockholders of the corporation. The board of directors may exercise all the powers of the corporation except such as are conferred by law or by the bylaws of the corporation upon the stockholders or members and shall choose and appoint all the agents and officers of the corporation and fill all vacancies except vacancies in the office of director, which shall be filled as hereinafter provided. The board of directors shall be elected in the first instance by the incorporators and thereafter at the annual meeting, which annual meeting shall be held during the month of January or, if no annual meeting shall be held in the year of incorporation, then within ninety (90) days after the approval of the articles of incorporation at a special meeting held as provided in this section. At each annual meeting, or at a special meeting held as provided in this section, the members of the corporation shall elect one-third (⅓) of the members of the board of directors; the stockholders shall elect one-third (⅓) of the members of the board and remaining members of the board shall be elected jointly by the members of the corporation and its stockholders; provided, however, that the ratio of member-stockholder representation on the board of directors may be altered if at a special meeting called for such purpose two-thirds (⅔) of all members and two-thirds (⅔) of the stockholders elect to do so. The directors shall hold office until the next annual meeting of the corporation or special meeting held in lieu of the annual meeting after the election and until their successors are elected and qualified unless sooner removed in accordance with the provisions of the bylaws. Any vacancy in the office of a director elected by the members shall be filled by the directors elected by the members, and any vacancy in the office of a director elected by the stockholders shall be filled by the directors elected by the stockholders. (b) Directors and officers shall not be responsible for losses unless the same shall have been occasioned by the willful misconduct of such directors and officers.
V.I. Code tit. 13, § 810 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 810. Earned surplus

 Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half (½) of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus established herein shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors, after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.
V.I. Code tit. 13, § 811 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 811. Depository

 The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. The corporation shall not receive money on deposit.
V.I. Code tit. 13, § 812 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 812. Examination of corporation

 The corporation shall be examined at least once annually by the Banking Board and the corporation shall make an annual report of its financial condition to the Banking Board. The Banking Board shall forward copies of such annual reports to the Governor, Lieutenant Governor and the Legislature. The corporation shall also furnish such other information as may from time to time be required by the Banking Board or the Lieutenant Governor.
V.I. Code tit. 13, § 813 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 813. First meeting of corporation

 (a) The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least ten (10) days before the day appointed for the meeting. Said first meeting may be held without such notice upon agreement in writing to that effect, signed by all the incorporators. There shall be recorded in the minutes of the meeting a copy of said notice or of such unanimous agreement of the incorporators. (b) At such first meeting, the incorporators shall organize by the choice, by ballot, of a temporary clerk; by the adoption of bylaws; by the election by ballot of directors; and by action upon such other matters within the powers of the corporation as the incorporators may see fit. The temporary clerk shall be sworn and shall make and attest a record of the proceedings. Ten (10) of the incorporators shall be a quorum for the transaction of business.
V.I. Code tit. 13, § 814 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 814. Duration; dissolution

 (a) The period of duration of the corporation shall be perpetual subject however, to the right of the stockholders and the members to dissolve the corporation prior to the expiration of said period. (b) The corporation may, upon the affirmative vote of two-thirds (⅔) of the votes to which the stockholders shall be entitled and two-thirds (⅔) of the votes to which the members shall be entitled, dissolve said corporation. Upon any dissolution of the corporation, none of the corporation's assets shall be distributed to the stockholders until all sums due the members of the corporation as creditors thereof have been paid in full.
V.I. Code tit. 13, § 815 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 815. No pledge of government credit

 Under no circumstances shall the credit of the Government of the United States Virgin Islands be pledged to any corporation organized under the provisions of this chapter.
V.I. Code tit. 13, § 816 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 816. Designation as state development company

 Any corporation organized under the provisions of this chapter shall be a state development company, as defined in the Small Business Investment Act of 1958, Public Law 85–699, 85th Congress, or any other similar federal legislation, and shall be authorized to operate on an island-wide basis.
V.I. Code tit. 13, § 817 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 817. Tax credits and privileges

 Any tax exemptions, tax credits, or tax privileges granted to banks, saving and loan associations, trust companies, and other financial institutions by any general laws are granted to corporations organized pursuant to this chapter.
V.I. Code tit. 13, § 818 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 818. Fiscal year

 Corporations organized under this chapter shall adopt the calendar year as their fiscal year.
V.I. Code tit. 13, § 819 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 13 - Economic Development Corporations|§ 819. Severability

 The provisions of this chapter are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not affect or impair any of the remaining provisions.
V.I. Code tit. 13, § 850 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 14 - Exempt Companies|§ 850. Policy and purpose

 The policies and purposes of this chapter are declared to be the promotion of the growth and development of the economy of the United States Virgin Islands by creating opportunities and incentives for international investment in the Territory, as authorized and encouraged by the federal Tax Reform Act of 1986, which will result in: (1) worldwide exposure of the United States Virgin Islands as a business center as well as a tourist destination; (2) the creation of new jobs through the expansion of existing local businesses; (3) the creation of new local business opportunities; and (4) the promotion of capital formation for the development of the United States Virgin Islands. All of these policies and purposes are declared to be in the public interest.
V.I. Code tit. 13, § 852 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 14 - Exempt Companies|§ 852. Requirements for exempt companies

 In order to qualify and remain eligible for the benefits granted by this chapter, an exempt company shall: (1) Except in the case of an exempt insurer which is a domestic corporation as defined in Sections 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States), or which has an election in effect under Section 953(d) of the Internal Revenue Code (as it applies in the United States), not engage in the conduct of a trade or business in the United States; (2) Except in the case of an exempt insurer, exempt international banking facility, or exempt mutual fund, not engage in the active conduct of a trade or business in the United States Virgin Islands. (3) Except in the case of an exempt insurer which is a domestic corporation as defined in Sections 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States), or which has an election in effect under Section 953(d) of the Internal Revenue Code (as it applies in the United States), comply with Section 934 of the Internal Revenue Code or any successor provision, with respect to ownership of stock of the exempt company by United States persons. (4) Comply with section 854 of this chapter with respect to ownership of stock of the exempt company by Virgin Islands persons; and (5) Elect to be an exempt company in accordance with section 853 of this chapter.
V.I. Code tit. 13, § 853 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 14 - Exempt Companies|§ 853. Election of a corporation to be an exempt company; revocation of election

 (a) In order to elect to become an exempt company a corporation shall take any one of the following actions: (1) include a statement in its original articles of incorporation, or in its certificate of domestication filed in accordance with section 471 of this title, that it may or shall be considered an exempt company pursuant to this chapter; or (2) file with the Lieutenant Governor, at the time of filing its original articles of incorporation, or its certificate of domestication filed in accordance with section 471 of this title, that it may or shall be considered an exempt company pursuant to this chapter; or (3) in the case of a corporation to which section 853a of this chapter applies, files with the Lieutenant Governor, at the time of filing the documents required by section 401 of this title or Title 22, Chapter 55, Virgin Islands Code, a letter or statement signed by its president, vice-president or managing director, attested to by another corporate officer or director, that it shall be considered an exempt company pursuant to this chapter; provided, however, that originals or copies of any such letter or statement filed by an exempt insurer shall be filed with both the Division of Corporations and the Division of Banking, Insurance and Financial Regulation of the Office of the Lieutenant Governor. (b) A corporation may include in the letter or statement by which it elects to become an exempt company, or in a subsequent letter or statement, a statement to the effect that it elects to be subject to the provisions of section 855(c) of this title. A corporation that makes such election may revoke the election at any time by filing with the Lieutenant Governor, a letter or statement in which it states that it revokes the election and sets forth the effective date of the revocation, which shall not be prior to the first day of the taxable year of the corporation in which the letter or statement is filed. (c) A corporation that shall propose to transfer its domicile into the United States Virgin Islands may include in the certificate required by paragraph (4) of section 472(c) of this title, a statement that upon its transfer of domicile into the United States Virgin Islands it shall be considered an exempt company pursuant to this chapter. Such election shall only become effective upon the transfer of the domicile of such corporation to the United States Virgin Islands and shall be in lieu of any other election required by this section. (d) An exempt company may revoke its election to be treated as such by filing a letter or statement with the Lieutenant Governor signed by the President or Vice-President and the Secretary or Assistant Secretary stating the effective date of the revocation. (e) Any revocation of an election to be an exempt company shall only take effect as of the first day of the company's present or next subsequent taxable year.
V.I. Code tit. 13, § 853a (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 14 - Exempt Companies|§ 853a. Exempt branches

 Any corporation that (i)  is not a domestic corporation as that term is defined in sections 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States Virgin Islands), and (ii) is not a domestic corporation as that term is defined in section 7701(a)(3) and (4) of the Internal Revenue Code (as it applies in the United States), and (iii) which qualifies to do business in the Virgin Islands pursuant to section 401 of this Title; or in the case of a foreign limited liability company, registers to do business in the Virgin Islands pursuant to section 2002 of this Title, or is licensed as an international insurance company under Title 22, chapter 55, Virgin Islands Code, and (iv) meets the requirements of section 852 of this chapter, and (v) makes an election in accordance with section 853(a)(3) of this chapter, shall be an exempt branch and shall be treated for all purposes in the same manner as an exempt company. The requirements of clause (ii) above shall not apply to an exempt insurer.
V.I. Code tit. 13, § 854 (2019)
2019 US Virgin Islands Code|Title 13 - Corporations and Associations|Chapter 14 - Exempt Companies|§ 854. Limitation on ownership by Virgin Islands persons

 (a) A corporation shall qualify as an exempt company only if less than ten percent (10%) of: (1) the total voting power of the stock of such corporation; or (2) the total value of the stock of such corporation; is owned or treated as owned (within the meaning of section 958 of the Internal Revenue Code) by one or more Virgin Islands persons. (b) For the purposes of this section, “Virgin Islands persons” shall not include exempt companies. (c) This section shall not apply to an exempt international banking facility owned in whole or in part by a United States Virgin Islands bank. (d) Notwithstanding any other provision to the contrary, a company shall not be disqualified as an exempt company if ten percent (10%) or more of the total voting power of the stock of such company is owned or treated as owned by one or more Virgin Islands persons as trustee or trustees pursuant to a voting trust, so long as such trustee or trustees have no beneficial ownership interest in the stock of such company and the company otherwise qualifies as an exempt company.