reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 41 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 3 - Organization and Management of Banks|§ 41. Changes in control of banks

 (a) No sale or exchange or acquisition of the voting capital stock issued by any bank or bank holding company organized under the provisions of this title that may result in the control or in a change in the control of a bank shall be made until the Banking Board has been notified of the details of the proposed operation by the president or other authorized executive officer of the bank, and the Banking Board's approval has been obtained. (b) The notice to the Banking Board shall contain information as to the number of shares of stock or other interests which are the subject of the operation, the name and address of the vendor (or assignor) and of the vendee (or assignee), the purchase price, the total number of shares or other interests owned by the vendor (or assignor) and by the vendee (or assignee), respectively, before making the proposed sale, exchange or acquisition. (c) It shall be the duty of the Banking Board, as soon as it receives notice of a proposed transaction that may result in the control or in a change in the control of a bank, to make the necessary investigations with respect: (1) to the character, experience and financing responsibility of the vendee (or assignee), (2) if such character, experience and financing responsibility guarantee the efficient operation of the bank, and (3) if the transfer of the control of the bank jeopardizes the interests of the depositors, creditors or stockholders of the bank. (d) The Banking Board shall issue authorization for the transfer of control of a bank if the result of its investigation is, in its judgment, satisfactory. The resolution of the Banking Board shall be final.
V.I. Code tit. 9, § 42 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 3 - Organization and Management of Banks|§ 42. Filing fees for banks and foreign banks

 (a) Every bank or foreign bank in the United States Virgin Islands shall upon filing its articles of incorporation in the Office of the Lieutenant Governor pay a filing fee of $300. (b) Every bank or foreign bank desiring to file in the Office of the Lieutenant Governor articles amendatory or supplementary or certificates of increase or decrease of capital stock shall pay a fee of $50. (c) Every foreign bank filing in the Office of the Lieutenant Governor a certificate of the appointment of an agent residing in the United States Virgin Islands or a certificate of the revocation of such appointment of the resident agent, shall pay a fee of $25. (d) The fee for furnishing a certified copy of any of the documents referred to in the preceding subsections of this section shall be two dollars per folio, but not less than $25. (e) All fees required under the provisions of this section shall be paid to the Office of the Lieutenant Governor and shall be accounted for and covered into the Treasury of the United States Virgin Islands.
V.I. Code tit. 9, § 43 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 3 - Organization and Management of Banks|§ 43. Annual licenses for banks and foreign banks; grace period; penalties

 (a) The Lieutenant Governor, upon recommendation of the Banking Board, shall issue licenses to engage in the business of banking. No person or other entity may engage in the business of banking in the Territory without first obtaining a permit and otherwise complying with the provisions of this chapter. (b) Every bank, national banking association, or foreign bank, or other person or entity engaged in the business of banking in the United States Virgin Islands shall obtain, on or before the 30th day of June of each calendar year, a special license to do business in the United States Virgin Islands during the succeeding calendar year, upon payment of the corresponding fees, as promulgated by the Banking Board. (c) The Lieutenant Governor, upon recommendations of the Banking Board, shall grant a grace period of not exceeding thirty days during which an existing license may be continued in effect after the 31st day of December, to any bank or foreign bank which shows good cause therefor to the Banking Board, when the Banking Board considers such action to be in the public interest. (d) Every bank or foreign bank which, without having a valid license currently in effect, transacts any banking business, shall, upon conviction, be fined not more than $2,500 for each such transaction; and every director, officer or employee of any bank or foreign bank who participates in any banking transaction knowing that the bank or foreign bank of which he is a director, officer or employee does not have a currently valid license shall be guilty of a felony and, upon conviction, shall be subject to the penalty provided in section 3 of Title 14, and each such transaction in which such director, officer or employee so knowingly participates shall constitute a separate offense.
V.I. Code tit. 9, § 44 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 3 - Organization and Management of Banks|§ 44. Resident agent to accept service of process

 Every bank shall appoint a bona fide resident of the United States Virgin Islands as its resident agent on whom service of legal process against it can be made, and service upon such resident agent shall constitute service on the bank by whom such resident agent was appointed. Each bank shall at all times keep the Lieutenant Governor informed, by letter signed by its duly authorized officer with the corporate seal of the bank affixed, of the name and address of its current resident agent. If any bank fails to appoint a resident agent for service of process, or if such agent dies, becomes incompetent, or cannot by the exercise of due diligence be found within the United States Virgin Islands, and, in any case, after its dissolution or merger or consolidation with another corporation, service of process may be had upon the Lieutenant Governor, and such return of service, when made upon the Lieutenant Governor, shall be valid service on the bank. Documents to be served in such cases shall be in triplicate, and the Lieutenant Governor shall promptly forward one set thereof to the principal executive officer of such bank, as disclosed by his current record, by registered or certified mail, return receipt requested, and the bank shall have thirty days from the date of such mailing in which to answer or otherwise take such action as may be appropriate. The Lieutenant Governor shall promptly transmit one set of such documents served to the Banking Board, and shall retain the third set, noting on the jacket thereof his actions taken and the dates thereof.
V.I. Code tit. 9, § 63 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 5 - Regulation and Supervision of Banks and Foreign Banks|§ 63. Interest of government officials in banks; removal; exception

 (a) Neither the Lieutenant Governor nor any representative of the Lieutenant Governor, nor any member of the Banking Board or employee thereof, nor any bank examiner shall, during the discharge of his office— (1) be an officer, director or employee in any bank, foreign bank, bank incorporated and organized under the National Bank Act (12 U.S.C. § 12 et seq.) and laws amendatory thereof or supplementary thereto, or company affiliated therewith; (2) own or deal directly or indirectly in the shares or obligations of such bank, foreign bank, or affiliated company; (3) be interested in or receive directly or indirectly from such bank, foreign bank, or affiliated company, or from any of its officers, directors or employees, any salary, gratuity, compensation or other thing of value by way of gift, credit, compensation for services, or for any other reason; or (4) be interested in, or under obligation to negotiate, any loan, obligation or settlement for another person with such bank, foreign bank, or affiliated company. Any violation of this subsection by any official or employee referred to herein shall be sufficient cause for his removal from office by the Governor. (b) Notwithstanding the provisions of subsection (a) of this section, any official or employee referred to in such subsection may own or keep one or more banking accounts, either commercial or savings, and may rent safe-deposit boxes, in any bank, foreign bank, or affiliated company referred to in such subsection and doing business in the United States Virgin Islands, and may obtain a secured loan from any such bank, foreign bank, or affiliated company. Any member of the Banking Board may borrow from a bank or foreign bank on a secured loan with full disclosure to the Banking Board within ten days after obtaining the loan.
V.I. Code tit. 9, § 64 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 5 - Regulation and Supervision of Banks and Foreign Banks|§ 64. Reports of banks and foreign banks; penalties

 (a) Every bank or foreign bank shall make at least one report each year to the Banking Board within ninety days after close of the bank's fiscal year, and according to forms to be prescribed by it, verified by the oath of the chief executive officer and attesting officer, certifying and subscribing under oath that each of them has personal knowledge of the facts stated therein and that the same are true. Such reports shall exhibit in detail and under appropriate heads the resources and liabilities of the bank or foreign bank, provided that such reports by foreign banks shall show separately both the United States Virgin Islands operation and the complete operation of such foreign bank; and such report in condensed form shall be also published, at the expense of the bank or foreign bank, at least once in a newspaper of general circulation in each judicial division of the United States Virgin Islands. (b) Each bank shall report to the Banking Board twice each year detailing all fees, charge and penalties levied upon all financial or advisory transactions. (c) The Banking Board may also call for special reports from any bank or foreign bank whenever in its judgment the same are necessary in order to obtain a full knowledge of its condition. (d) Whoever certifies and subscribes any report required by this section which is false in any material effect shall be fined not more than $1,000 or imprisoned not more than one year, or both. (e) Any bank or foreign bank which fails to make, transmit, and publish any report required under this section shall be subject to a penalty of $10 per day for each day's delay after the period specified in this section. Any bank or foreign bank shall be deemed to have transmitted said statement to the Banking Board on and after the day when such bank has deposited the same in a United States Post Office in any town in the United States Virgin Islands, properly addressed to the Banking Board, postage prepaid and registered. (f) Whoever wilfully and knowingly subscribes to, or makes or causes to be made any false statement, or enters any false figures, statements, or entry in the books of any bank or corporation transacting a banking business in the United States Virgin Islands, or knowingly subscribes to, makes or circulates any false report or statement about the condition of any bank or banking corporation within the United States Virgin Islands, with intent to deceive the Banking Board or any person authorized to examine into the affairs of said bank or corporation, shall be imprisoned not more than five years. (g) Once made, each report and the contents thereof shall be deemed public records, and shall be made available for inspection, review and any other lawful purpose, upon request of any person.
V.I. Code tit. 9, § 66 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 5 - Regulation and Supervision of Banks and Foreign Banks|§ 66. Annual statements to mortgagor

 (a) Where, by the terms of a mortgage on real property or as otherwise required by a mortgagee, banking or lending institution, the mortgagor is required to make periodic payments which include sums to be allocated to an escrow account for the purpose of paying taxes, insurance or improvements to the mortgaged property, or any combination of such purposes, the mortgagee, banking or lending institution receiving the periodic payments shall furnish the mortgagor with a statement within 60 days of the close of the calendar year, showing the beginning balance of the escrow fund, total receipts received by the fund during the calendar year, an itemized statement of all expenditures from the fund during the calendar year, the balance in the fund at the end of the calendar year and interest accrued on the escrow account. (b) The annual statement specified in subsection (a) is not required where the mortgagor is provided with a monthly billing form or mortgagor passbook either of which provides the information required by subsection (a).
V.I. Code tit. 9, § 67 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 5 - Regulation and Supervision of Banks and Foreign Banks|§ 67. Interest on escrow accounts

 (a) Every mortgagee, banking or lending institution requiring a mortgagor to maintain an escrow account for the purpose of paying taxes, insurance or improvements or for insurance settlements or on behalf of the mortgage property, shall pay to or to the account of such mortgagor, interest on the average quarterly balance of such escrow fund at the rate of the prevailing percentage rate credited to the bank's passbook savings accounts. (b) Any mortgage, bank or lending institution that knowingly violates the provisions of this section shall be fined not more than $25 per account for each day the interest is not credited to the escrow account.
V.I. Code tit. 9, § 68 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 5 - Regulation and Supervision of Banks and Foreign Banks|§ 68. Community reinvestment requirements

 (a) Every foreign bank shall annually prepare a Community Reinvestment Act (CRA) statement for each island of the territory and shall include the CRA statements in its annual report filed under section 64 of this title. Each CRA statement shall contain: (1) the name of the island; (2) a list of specific types of credit (within certain categories, such as residential loans for one to four dwelling units, residential loans for five dwelling units and over, housing rehabilitation loans, home improvement loans, small business loans, farm loans, community development loans, commercial loans, and consumer loans) that the bank is prepared to extend within the local community; and (3) a copy of the Community Reinvestment notice provided for in subsection (c) of this section. Each current CRA statement shall be readily available for public inspection at each office or branch of the bank. Copies of current CRA statements shall be made available to the public for a fee not to exceed the actual cost of reproduction. (b) Each foreign bank shall maintain a CRA Public File that is readily available for inspection at the main office and each branch of the bank. The CRA Public File shall consist of: (1) any signed, written comments received from the public within the past 2 years that specifically relate to any CRA statement or to the bank's performance in helping to meet the credit needs of its community or communities; (2) any responses to the comments that the bank wishes to make; and (3) any CRA statements in effect during the past 2 years. These files shall not contain any comments or responses that reflect adversely upon the good name or reputation of any person other than the bank. (c) Within 90 days after the effective date of this act all foreign banks shall provide, in the lobby of each of its offices and branches, a public notice substantially in the following form:The Virgin Islands Community Reinvestment Act requires the Banking Board to evaluate our performance in helping to meet the credit needs of our community, and permits the Banking Board to take this evaluation into account when the Board considers certain applications submitted by this Bank. Your involvement is encouraged.You should know that:You may obtain our current CRA statement for this island in this office. (Current CRA statements for other islands served by us are available at our head office, located at ____.)You may send signed, written comments about our CRA statement[s] or our performance in helping to meet community credit needs to (title and address of bank official) and to the Banking Board. Your letter, together with any response by us, may be made public.You may look at a file of all signed, written comments received by us within the past 2 years, any responses we have made to the comments, and all CRA statements in effect during the past 2 years at our office located at (address).
V.I. Code tit. 9, § 81 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 7 - Merger or Consolidation|§ 81. Applicability of section

 Any two or more financial institutions or other entities organized under the laws of any Territory, or state of the United States, may merge or consolidate into one sole entity which may be any of the merged or consolidated financial institutions. Such merger or consolidation shall be effected under the conditions and restrictions, and with the powers, specified in this chapter.
V.I. Code tit. 9, § 82 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 7 - Merger or Consolidation|§ 82. Agreement between directors

 Financial institutions or other entities intending to merge or consolidate may enter into an agreement for merger or consolidation of said, financial institutions, in which agreement they shall establish the terms and conditions of such merger or consolidation; the manner of carrying it out; the name of the new financial institution (in case one is organized), or of the consolidated, financial institution as the case may be; the number, names and residences of the first directors and officers of the new financial institution or of the consolidated one, which directors and officers shall hold office until their successors are elected or appointed, whether under the provisions of this title or under the bylaws of the aforesaid financial institution; the number of shares of capital stock of the new financial institution, or of the consolidated financial institution, common or preferred stock to be specified as well as the par value of each of said shares; the manner of converting the capital stock of each of the merged or consolidated entity into shares or obligations of the new financial institution or of the consolidated financial institutions, and, in case of the creation of a new financial institution, the date and manner of electing or appointing the directors and officers, and, in addition, all such other provisions and details as said directors may consider necessary or advisable to perfect the aforesaid merger or consolidation, provided they are not in conflict with the provisions of this title.
V.I. Code tit. 9, § 83 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 7 - Merger or Consolidation|§ 83. Action by stockholders on such agreement

 The aforesaid agreement shall be submitted separately for consideration to the stockholders of each of the merging or consolidating financial institutions, at a meeting called for the purpose. A written notice shall be sent to the post-office address of each stockholder, not less than twenty days prior to the date fixed for the meeting. Said notice shall specify the place and purpose of the meeting at which the aforesaid agreement of the directors will be considered, and the stockholders of the financial institutions to be merged or consolidated shall vote separately for or against said agreement. Each share of stock or other interest, as applicable, shall entitle the holder thereof to one vote to be cast by the stockholder himself or by his proxy. In case the votes of the stockholders of three-fourths of the shares of capital stock issued by each of the corporations, or of the other interests, as applicable, of such other entity or entities, to be merged or consolidated are cast in favor of the aforesaid agreement, the fact shall be certified by the secretary of each of the respective corporations or other appropriate officer of such other entity or entities, under the seal thereof, and said agreement, thus approved and certified, shall be submitted to the Banking Board for approval or disapproval.
V.I. Code tit. 9, § 84 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 7 - Merger or Consolidation|§ 84. Action by Banking Board; filing of approved agreement

 In making its determination, the Banking Board shall consider, among other factors, the public interest. If the board does not approve the merger or consolidation it shall, within ten (10) days of making such decision not to approve, serve notice of its determination on the applicant(s) by registered mail. If the Banking Board approves said agreement, it shall then be filed in the Office of the Lieutenant Governor, and shall thenceforth be considered as the merger or consolidation agreement or charter of said financial institutions. A copy of said merger or consolidation agreement, duly certified by the Lieutenant Governor, under his seal, shall constitute evidence of the existence of the new or the consolidated entity. The finding of the Banking Board disapproving a merger or consolidation agreement shall be final.
V.I. Code tit. 9, § 85 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 7 - Merger or Consolidation|§ 85. When agreement takes effect

 Once the aforesaid merger or consolidation agreement has been entered into, perfected and filed in the Office of the Lieutenant Governor, the banks or bank holding companies involved shall be considered as one sole entity under the name provided in the agreement (in case a new entity is created), or under the name of the consolidated entity into which are to be merged or consolidated the other entities, as the case may be, and said entity shall thenceforth enjoy all the rights, privileges and franchises and shall be subject to all the restrictions, obligations and duties of the entities so merged or consolidated, except for the alterations herein provided.