V.I. Code tit. 29, § 902 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 14 - Economic Development Bank|§ 902. Charter

 The Charter of the Bank shall be as follows: CHARTER First: The existence of the Bank shall be perpetual. Second: The principal office of the Bank shall be at St. Thomas, Virgin Islands, and no less than one branch on St. Croix. Third: The purpose for which the Bank has been formed is to accelerate the Economic Development of the United States Virgin Islands by providing technical. managerial and financial assistance to industrial and commercial enterprises where such funds are to be used for the following governmental purposes: (A) To provide financial resources, including but not limited to loan guarantees, medium and long term credit, and equity infusions to small, minority, medium and large business located in the United States Virgin Islands to assist these businesses maintain economic stability and to help these entities grow into mainstream commercial banking customers; (B) To provide financial resources, including but not limited to loan guarantees, letter of credit and stand-by letters of credit guarantees, medium and long term credit to maintain the economic stability of small, medium and large businesses located in the United States Virgin Islands; (C) To provide technical and managerial assistance and assist companies that require a performance bond, bid bond, or payment bond to ensure that the continued viability of these businesses; (D) To actively monitor the performance and compliance and to provide technical and managerial assistance to ensure the continued viability and growth of these businesses; (E) To encourage large corporate investments, facilitate employment growth opportunities and promote the location of financial services within the United States Virgin Islands; (F) To compile financial, economic, statistical and other related data on the banking industry in the United States Virgin Islands, and to disseminate this information; (G) To invest its funds in readily marketable securities; or other such instruments; (H) To borrow money and contract debts for its corporate purposes upon such terms and conditions as the Bank may from time to time determine, with or without security; to dispose of its obligations evidencing such borrowing; to make, execute and deliver trust indentures and other agreements with respect to any such borrowing, contracting of debt, issuance of bonds, including industrial development bonds, notes, debentures or other obligations; and by the authority of the Government of the United States Virgin Islands, which is hereby granted, to issue it bonds, notes, debentures or other obligations in such form secured in such manner and subject to terms of redemption with or without premiums, and to sell the name at public or private sale of such price or prices, all as may be determined by its Board of Directors; (I) To serve as fiscal agent or broker for United States Virgin Islands’ enterprises seeking to qualify for grants, loans or any other form of financial or other assistance for the Federal Government or any of its departments, agencies or instrumentalities; (J) To exercise all incidental powers as may be necessary to facilitate the purposes of the Bank and the Small Business Development Agency; (K) It will be the policy of the Bank to sell its papers, notes, instruments, mortgages, bonds, debentures or equity share purchased by the Bank as soon as it seems warranted by the Board of Directors in order to free funds for further economic development projects. The Board of Directors shall determine the length of time upon to which equity shares may be held. It shall also be the policy of the Bank to encourage and enter into joint financing with other GDB/SBDAs chartered or doing business under the Laws of the Virgin Islands and any other states of the United States. (L) It will be the policy of the Bank to sell its papers, notes, instruments, mortgages, bonds, debentures or equity shares purchased by the Bank as soon as it seems warranted by the Board of Directors in order to free funds for further economic development projects. The Board of Directors shall determine the length of time upon which equity shares may be held. It shall also be the policy of the Bank to encourage and enter into joint financing with other Banks chartered or doing business under the Laws of the United States Virgin Islands and any of the United States. (M) The Bank Board shall administer the Small Business Incubator Program established in Title 11 Virgin Islands Code, chapter 23, subchapter II and may promulgate rules and regulations and exercise all powers necessary to carry out the purposes of the of the Program. Fourth: The Bank shall have the following powers: (A) To have a common seal and to alter the same from title to time; (B) To acquire property for its corporate purposes by grant, gift, purchase, device or bequest, and to hold and to exercise the rights of ownership of and to dispose of the same; (C) To acquire any property in settlement or reduction of debts previously made in the course of its business where such acquisition is necessary to minimize or avoid loss in connection therewith, to hold, deal with, complete, improve, insure, rent, and/or sell for cash or credit upon such terms, conditions and consider for such terms, conditions and consider for such periods and terms as the Board of Directors may deem advisable, to exercise the rights of ownership of and to dispose of the same; (D) To establish one or more branches, offices or agencies necessary or convenient for the transaction of its business within or without the United States Virgin Islands; (E) To purchase, hold, lease, mortgage and convey real property as follows: (1) a plot whereon there is or may be erected a building suitable for the transaction of its business, from portions of which not required for its own use a revenue may be derived; (2) such real estate as may be conveyed to it in settlement or reduction of debts previously contracted or in exchange for investments previously made in the course of its business; and (3) such as it shall purchase or otherwise acquire at sale under judgments, decrees or mortgages held by it; provided, however, that the Board of Directors shall determine the time period within that real property purchased or acquired may be sold, except as maybe used for the business and transaction of its business. (F) To sue and be sued; (G) To appoint, employ and contract for the services of officers, agents and employees and professional assistants and to pay such compensation for their services as the Bank may determine; and to fix and pay Director’s fees; (H) To exercise such other corporate powers, not inconsistent herewith, as are conferred upon corporations by the laws of the United States Virgin Islands and to exercise all powers within and without the United States Virgin Islands to the same extent as natural persons might or could do; (I) To be exempt from the statute of limitation laws as stated in Virgin Islands Code, title 5, chapter 3, section 31. The Bank and/or the Small Business Development Agency may bring an action for the default at any time; (J) To administer the Small Business Incubator Program established in Title 11 Virgin Islands Code, chapter 23, subchapter II and may promulgate rules and regulations and exercise all powers necessary to carry out the purpose of the Program. Fifth: The affairs of the Bank and the Small Business Development Agency shall be managed and its corporate powers exercised by the Governing Board of the Economic Development Authority. Sixth: The Board of Directors, by the affirmative vote of a majority of the whole Board, may adopt, add to, amend, alter or repeal By-Laws of the Bank, not inconsistent with law, providing for the management of the business of the Bank, the regulation of its affairs, the organization, conduct and meetings of the Board of Directors, notice of meeting of the Board of Directors and waivers of notice, the appointment of committees of the Board of Directors and the power of such committees, the number, titles, qualifications, terms, election or appointment, removal and duties of officers, the form of the seal of the Bank, and the preparation and submission to the Governor, Legislature and the Bank Board of annual and other reports; and provided, however, that the By-Laws shall not be added to, amended or altered, nor shall any By-Laws be repealed at any meeting of the Board of Directors unless notice of the proposed addition, amendment, alternation or repeal shall have been delivered or mail to each director at least one week before such meeting. Seventh: The Bank shall not make any loans to its directors, or to any privately-owned enterprise in which one or more of the directors, or officers, agents or employees own any stock or equitable interest in excess of 25% therein. The Bank shall not make any loans guaranteed by a director, officer, agent or employee, except in each case with the unanimous approval of all the directors, exclusive of any interested director or directors, present at any meeting of the Board of Directors attended by at least 75% of the full Board, exclusive of any interested director or directors shall be excused during consideration and voting with regard to such loans. Eight: The Bank shall assign or sell at public or private sale, or otherwise dispose of for cash or credit, in its discretion and upon such terms and conditions and for such consideration as the Director shall determine to be reasonable, any evidence of debt, contract, claim, personal property, or security assigned to or held by the Bank in connection with the payment of loans granted under this chapter, and to collect or compromise all obligations assigned to or be held by the Bank and all legal or equitable rights accruing to him in connection with the payment of such loans until such time as such obligations may be referred for suit or collection; provided, that any such compromise shall be subject to prior approval of the Board of Directors. Ninth: Loans procured from the Bank or the Small Business Development Agency are not subject to the statute of limitations as stated in Virgin Islands Code, title 5, chapter 3, § 31. The Economic Development Bank or the Small Business Development Agency may bring an action for default against a Loan recipient at any time; as per the rules of civil procedure and the agreement between the parties. Tenth: The Economic Development Bank shall pursue to final collection, by way of compromise or otherwise, all claims against third parties assigned to the Economic Development Bank in connection with loans made by the Agency; provided, compromise shall be subject to such policy as set by the Board of Directors from time to time; this shall include authority to obtain deficiency judgments or otherwise in the case of mortgages assigned to the Economic Development Bank. The power to convey and to execute in the name of the Economic Development Bank deeds of conveyance, deeds of release, assignments and satisfaction of mortgages, and any other written instrument relating to real property or any interest therein acquired by the Economic Development Bank pursuant to the provisions of this chapter may be exercised by the Director or by any officer or agent appointed by him with an express delegation of power of attorney. Eleventh: The Economic Development Bank shall take any and all action necessary or desirable in making, servicing, compromising, modifying, liquidating, or otherwise dealing with or realizing on loans made under the provisions of this chapter or Title 11 V.I.C., chapter 23; not withstanding any law to the contrary may require collateral and/or insurance; provided that no loan shall be compromised, modified or liquidated without the prior approval of the Board of Directors. Twelfth: Out of the net income resulting at the end of the business year, such amount shall be added to the reserve account of the Economic Development Bank as the Board of Directors may consider necessary or pertinent; and the balance of such income may, in whole or in part, be added to the surplus account of the Economic Development Bank or remain in an unassigned income account, as the Board of Directors may determine. From time to time the Board of Directors may in its discretion make transfers from the reserve account and from the surplus account to the capital account of the Bank. Thirteenth: The Board of Director, while acting within the scope of the authority as directors or officers, shall not be subject to any personal or civil liability resulting from the exercise of any Bank’s or Small Business Development Agency’s purposes, duties and responsibilities, unless the conduct of the members is determined by a court of competent jurisdiction to constitute willful wrongdoing or gross negligence.