reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 294 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 294. Matured shares

 When each unpledged share of a given series, other than a full paid share reaches the value of $200, $300 or $400, all payment of dues thereon shall cease and the holder thereof shall be paid therefor out of the funds of the association, with such rate of dividend as shall be determined from time to time by the board of directors for the period of time the board shall declare such share to have matured until paid; but at no time shall more than a third of the receipts of the association be applicable to the payment of matured shares, without the consent of the board of directors. The order of payment of the matured shares shall be determined by the board of directors. Before paying matured shares all arrears and fines shall be deducted therefrom. Holders of such matured shares shall remain shareholders until the same are paid, and shall not become creditors. They may remain in the association and shall be treated in all respects as holders of full paid shares. Such matured shares may be exchanged for full paid income shares.
V.I. Code tit. 9, § 295 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 295. Dues and fees

 Savings paid to such association upon shares shall be called dues. At or before each stated monthly or semimonthly meeting of the board of directors each shareholder shall pay to such board, or a committee thereof, $1 dues upon each share held by him until the share reaches the value of $200, $300 or $400, or is withdrawn, canceled or forfeited. Payment of dues on shares of each series shall commence from their issue. The association may impose and collect a fine, not exceeding 2 percent for each month in arrears, for every dollar of dues or interest which a shareholder shall refuse or neglect to pay at the time it is due. No fine shall accrue in excess of six months arrearages. An entrance fee not exceeding 25 cents per share may be charged. Withdrawal fees may be charged in accordance with the bylaws.
V.I. Code tit. 9, § 296 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 296. Suspension of shares for nonpayment of dues

 Whenever a member shall be six months in arrears in the payments of his dues upon unpledged shares, the secretary shall give him notice thereof in writing and a statement of his arrearages, by mailing the same to him at the last post-office address given by him to the association. If he shall not pay the same at the next or second stated monthly meeting thereafter, the board of directors, at its option, may declare his shares suspended and, at the time of such suspension, the withdrawal value thereof shall be determined and stated, and the defaulting member shall be entitled to withdraw the same without dividend within one year, upon such notice as shall be required of a withdrawing shareholder, or such shares may be transferred to a prepaid share account or a savings share account.
V.I. Code tit. 9, § 297 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 297. Withdrawals

 The accumulations upon unpledged shares may be withdrawn and the shares canceled. One month's written notice of such intention may be required to be filed with the secretary at or before a stated monthly meeting of the board of directors. If filed before such meeting, the one month's notice shall not be deemed to have commenced until the first regular meeting after such filing. The withdrawing shareholder shall be paid the amount of the withdrawal value of his accumulations as determined under the by-laws, at the last distribution of profits before the notice of withdrawal, together with all dues paid since such distribution, less any fines unpaid and a proportionate share of any unadjusted loss. However, at no time shall more than half the receipts of the association, and when the association is indebted upon matured shares, not more than a third, shall be applicable to the payment of withdrawing shareholders, without the consent of the board of directors. When the demands of withdrawing shareholders exceed the moneys applicable to their payment, they shall be paid in the order in which their notices of withdrawal were filed with the secretary.
V.I. Code tit. 9, § 298 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 298. Loans

 Loans shall be made only with the approval of the board of directors, or a committee appointed by the board of directors as provided by the bylaws. Loans shall be made in sums of $200 or a multiple or fractional part thereof. No loan shall be made in excess of $25,000 on any one piece of property.
V.I. Code tit. 9, § 299 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 299. Interest on loans

 A borrowing member for each share or fractional part thereof borrowed upon, in addition to the dues on his shares, in case such member is a shareholder borrowing on the sinking fund plan, shall pay monthly interest on his loan at such rate not exceeding 6 percent per annum as the directors shall name, until the shares borrowed upon reach the matured value of $200, $300 or $400 each, or the loan is repaid. When such matured value is reached, the share shall cancel the loan upon it and the proper surrenders and acquittances be made. A borrowing member, in case such member is not a shareholder but is borrowing on the direct reduction plan, shall pay monthly interest on the balance of principal outstanding on his loan at such rate, not exceeding 6 percent per annum, as the directors shall name, until the loan is repaid. When the loan is repaid, the proper surrenders and acquittances shall be made.
V.I. Code tit. 9, § 300 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 300. Security for loans

 A first mortgage upon real estate shall be given for every loan. If the loan is of a sinking fund type, it shall be accompanied by a transfer and pledge to the association of the shares borrowed upon, and all accumulations that have accrued or shall accrue thereon, as collateral security for the repayment of the loan. In lieu of the mortgage, the borrower or another may transfer and pledge to the association unpledged shares for the payment of the loan, the withdrawal value of which under the bylaws, at the time of such borrowing, shall exceed the amount borrowed and interest thereon for six months.
V.I. Code tit. 9, § 301 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 301. Loans without pledging of shares; construction loans

 Any cooperative savings and loan association or any building and loan association organized and existing under the laws of this territory, shall have the power to make loans upon the security of first mortgages on real estate, without the requirement that shares of such association be pledged as additional security for such loans. Such loans shall be repayable in monthly installments, beginning not later than sixty days after the date of the advance of the loan, sufficient to retire the debt, interest and principal, within twenty-five years; provided that in case of construction loans the first payment shall not be later than four months after the date of the first advance. The monthly payments shall be applied first to interest on the debt and the remainder to the reduction of the debt until the same is paid in full.
V.I. Code tit. 9, § 302 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 302. Prepayment of taxes, insurance and other charges

 Such association may require that the equivalent of one-twelfth of the estimated annual taxes, assessments, insurance premiums, and other charges upon real estate security, or any of them, be paid in advance to the association in addition to interest and principal payments on its loan so as to enable the association to pay such charges as they become due from the funds so received.
V.I. Code tit. 9, § 303 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 303. Conditions for payment of charges; additional security

 A mortgage securing a loan made by an association may contain conditions providing for the payment of insurance, taxes, assessments, levies, maintenance and repairs on the mortgaged property and the assignment to it of rents of the mortgaged property and other conditions required by the association for its security and protection and that any money paid by the association incident thereto may be added to the unpaid balance of the loan and that such payments shall be secured by the mortgage. An association may take an assignment of a life insurance policy issued on the life of the borrower or others as additional security on a real estate loan and may pay premiums thereon for its protection, and any premiums so paid may be added to the amount of the principal debt and become secured by the mortgage. An association may also take as additional security on a real estate loan, securities guaranteed by an agency of the United States Government or other securities listed on a national securities exchange as defined in the Federal Securities Exchange Act up to 75 percent of the market value of such securities. In such case not less than 80 percent of the loan shall be secured by a first mortgage on real estate.
V.I. Code tit. 9, § 304 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 304. Determination of interest, fees and other charges; prepayment

 The board of directors shall from time to time determine the rate of interest, fees and other charges to be made in connection with loans by the association. In fixing such charges full consideration shall be given to sound and economical home financing. Borrowers shall have the right to pay their loans before maturity, and in such cases, not more than ninety days' interest on the amount prepaid may be charged.
V.I. Code tit. 9, § 305 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 305. Failure to offer security; conditions of loans

 If the borrower neglects to offer security satisfactory to the board of directors within the time provided by the bylaws, his right to the loan shall be forfeited, and he may be charged with one month's interest, and all necessary expenses incurred, if any, in investigating and preparing the mortgage and note for his proposed loan. All mortgages given to the association shall be deemed conditional upon the performance of the provisions of this subchapter relating to the repayment of loans and interest thereon, and the bylaws of the association, although the same may not be fully expressed therein.
V.I. Code tit. 9, § 306 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 306. Repayment of loans

 A borrower may repay a loan and all arrears of interest and fines thereon, or one share thereof, at any stated monthly meeting, or at any other time; but when not made at a stated meeting, he shall pay interest up to the first monthly meeting after such payment. He may repay his loan in full, thereby relieving his shares from liability upon the pledge thereof made to the association, or by partial payments in sums of $50, or multiple thereof, and the same shall be endorsed upon his note, or, by a proper notice and direction as to its application, he may have the withdrawal value of any share freed from pledge by part or full payment applied in payment or part payment of his loan.
V.I. Code tit. 9, § 307 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 307. Failure to make payments

 When a borrowing member shall be three months in arrears in the payment of his dues and interest or either, or in the payment of his specified monthly installments in the case of a direct reduction loan, the whole loan shall become due at the option of the board of directors; and it may proceed to enforce collection upon the securities held by the association. At the time such option is exercised, the withdrawal value of all shares pledged as collateral security for the loan shall be applied upon the loan and arrearages of interest and fines thereon, and the shares deemed surrendered to the association.
V.I. Code tit. 9, § 308 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 308. Reserve requirements

 Every association may set up and maintain the reserves authorized by this subchapter. On the semiannual closing dates after the payment of or provision for all expenses, each association shall, before the declaration of a dividend for the semiannual period, transfer to a separate reserve account, which shall be set up and maintained for the sole purpose of absorbing losses, an amount equal to 5 percent of its net earnings, until such reserve equals 10 percent of its capital, such account being in the nature of a guaranty fund. If and whenever the guaranty fund is not equal to 10 percent of its capital, semiannual credits as above provided shall again be made to the guaranty fund until it shall again be made equal to 10 percent of its capital. The board of directors may make additional transfers to other reserve accounts. In no event shall dividends be declared and be paid out of capital.
V.I. Code tit. 9, § 309 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 309. Distribution of profits and losses

 Profits and losses shall be distributed at least semiannually, and always before issuing a new series of stock to the shares then outstanding. Profits and losses shall be distributed to all shares, in all series outstanding at the time of such distribution, in proportion to their holding value, as distinguished from their withdrawing value, except that in addition thereto distribution of not exceeding the amount of the entrance fee, if any, in the discretion of the board of directors, may be made to each share outstanding in the last series issued prior to the distribution. Nothing contained in this subchapter shall prevent a board of directors from declaring uniform dividends upon shares other than installment shares, at a rate less than the rate currently declared on installment shares.
V.I. Code tit. 9, § 310 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 310. Dividends

 On each semiannual closing day after payment or provision for all expenses and appropriate transfers to reserves, the remainder of net earnings for the semiannual period shall be credited to an undivided profits account. At each semiannual period, the board of directors shall declare a distribution of earnings. Interim dividends may be declared by the board of directors for the purpose of bringing to maturity, between semiannual periods, shares of the earliest issue of series outstanding. Payments of net earnings to shareholders are dividends and shall not be referred to as interest. No association shall be required to pay or to credit dividends on accounts of $5 or less. Dividends shall be declared on the participating value of each account at the beginning of the dividend period, plus payments thereon made during the dividend period less amounts withdrawn and noticed for withdrawal which, for dividend purposes, shall be deducted from the latest previous payments thereon, computed at the dividend rate for the time invested. Dividends on full paid income shares and savings shares may be paid or credited as follows: (1) for any period from date of receipt of payment to repurchase or withdrawal of same, or (2) from the first day of the month of payment to the last day of that month on payments made not later than the tenth calendar day of the month.
V.I. Code tit. 9, § 311 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 311. Annual report to Banking Board

 An association organized under the provisions of this subchapter shall annually make a full report in writing of the affairs and condition of such association on June 30 to the Banking Board in such form and by such officers of the association as it may designate. Such report shall be verified by the oath of the officer making the same. An association shall make such further report as the Banking Board may require, and in such form, as and to such matters relating to the condition and conducting of the business of the association, as it may designate. Any wilful false swearing in making and verifying such report shall be deemed perjury.
V.I. Code tit. 9, § 312 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 312. Penalty for failure to report

 If such an association fails to furnish the Banking Board a report required by this subchapter at the time so required and without cause for such failure, it shall forfeit the sum of $10 a day for every day such report is delayed or withheld. In its name, the Banking Board may maintain an action of tort of this statute to recover such penalty, and the same shall be covered into the Treasury of the United States Virgin Islands.
V.I. Code tit. 9, § 313 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 313. Examination by Banking Board

 An association organized under the provisions of this subchapter shall be subject to the visitation and examination of the Banking Board, or its duly appointed agent, at all times or upon the application of three or more members of such association.
V.I. Code tit. 9, § 314 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 314. Conversion to federal association

 Any association organized or doing business under and by virtue of this subchapter may convert itself into a Federal Savings and Loan Association in accordance with the provisions of section 5 of the Home Owners' Loan Act of 1933, of the Congress of the United States, as now or hereafter amended, upon an affirmative vote of 51 percent or more of the outstanding shares of such association cast at an annual meeting or at a special meeting of such association called to consider such action.
V.I. Code tit. 9, § 315 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 315. —Procedure for conversion

 When such vote is had by the members of a such a such association, the directors of such association shall proceed to take the necessary action to procure a Federal Savings and Loan Association charter and, upon receipt of such charter and compliance with the rules and regulations required by the Federal Home Loan Bank Board in perfecting an association under a federal charter, the directors of the federal association shall notify in writing the directors of the such association that it is organized and authorized to transact business. The directors of the such association shall record such notice in the records of its proceedings and name the date that the rights and obligations set forth in section 316 of this title will be transferred to the management and control of the federal association. Upon the acceptance of such rights and obligations by the federal association it shall file with the directors of the such association its acceptance of such rights and obligations set forth in section 316 of this title and no further step shall be necessary in effecting such conversion.
V.I. Code tit. 9, § 316 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 316. —Powers, liabilities and status of converted association

 Upon the conversion of any association into a Federal Savings and Loan Association, the corporate existence of such association shall not terminate, but such federal association shall be deemed to be a continuation of the entity of the 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 and asset of any conceivable 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 and be the property of such federal association into which the territorial association has converted itself. Such federal association shall have, hold and enjoy the same in its own right as fully and to the same extent as the same was possessed, held and enjoyed by the converting association, and such federal 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 other judicial proceedings to which the converting territorial 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 federal association had not been made and such federal association resulting from such conversion may continue such action in its corporate name as a federal 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 theretofore involved in such judicial proceedings.
V.I. Code tit. 9, § 317 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 19 - Savings and Loan Associations|Subchapter I - Domestic Associations|§ 317. Conversion from federal association

 Any Federal Savings and Loan Association may convert itself into a territorial chartered association under this subchapter upon a vote of 51 percent or more of the votes of the members of such Federal Savings and Loan Association cast at an annual meeting or at a special meeting of such association called to consider such action.