2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 1 - General Corporation Law
Subchapter VII - Meetings, Elections, Voting, and Notice
§ 187. Voting trusts

A stockholder, by agreement in writing, may transfer his stock to a voting trustee or trustees for the purpose of conferring the right to vote thereon for a period not exceeding ten years upon the terms and conditions therein stated. Every other stockholder may transfer his stock to the same trustee or trustees and thereupon shall be a party to such agreement. The certificates of stock so transferred shall be surrendered and cancelled and new certificates therefor issued to such trustee or trustees in which it shall appear that they are issued pursuant to such agreement, and in the entry of such ownership in the proper books of such corporation that fact shall also be noted, and thereupon such trustee or trustees may vote upon the stock so transferred during the term of such agreement. A duplicate of every such agreement shall be filed in the principal office of the corporation in the United States Virgin Islands and at all times during business hours be open to inspection by any stockholder or his attorney. The trustee or trustees shall keep at their office or at a place available to certificate holders correct books of account of all their business and transactions, and a book to be known as the certificate book containing the names, alphabetically arranged, of all persons who are voting trust certificate holders, showing their places of residence, the number of shares of stocks represented by the certificates held by them respectively, and the time when they respectively became the owners thereof. The certificate book shall be open daily, during at least three business hours, for inspection by any person who shall have been a certificate holder for at least six months immediately preceding his demand. Persons so entitled to inspect the certificate book may make extracts therefrom. Any trustee who shall neglect or refuse to keep or cause to be kept such books or to keep any certificate book open for inspection, as herein required, shall forfeit the sum of $50 for every day he shall so neglect or refuse; it shall be the duty of the United States attorney to sue for and recover in the name of the Government of the United States Virgin Islands the penalty above provided, and the same, when so recovered shall be paid into the Treasury of the Government of the United States Virgin Islands. If any trustee shall willfully neglect or refuse to make any proper entry in such book or books or shall neglect or refuse to exhibit any such certificate book or to allow any such certificate book to be inspected and extracts taken therefrom as provided in this section, each such trustee shall, in addition, forfeit and pay to the party injured a penalty of $50 for every such neglect or refusal, and all damages resulting to him therefrom.