2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 13 - Economic Development Corporations
§ 801. Definitions

  • As used in this chapter, the following words and phrases, unless differently defined or described, shall have the meanings and references as follows:
    • (1) “Corporation” means a United States Virgin Islands economic development corporation created under this chapter.

    • (2) “Financial institution” means any banking corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds.

    • (3) “Member” means any financial institution authorized to do business within the United States Virgin Islands which shall undertake to lend money to a corporation created under this chapter, upon its call, and in accordance with the provisions of this chapter.

    • (4) “Board of directors” means the board of directors of the corporation created under this chapter.

    • (5) “Loan limit” means for any member, the maximum amount permitted to be outstanding at one time on loans made by such member to the corporation, as determined under the provisions of this chapter.

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