2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 13 - Economic Development Corporations
§ 803. Applicability of general corporation law; specific powers
- In furtherance of its purpose and in addition to the powers now or hereafter conferred on business corporations by the general corporation law of the United States Virgin Islands, corporations formed pursuant to this chapter shall, subject to the restrictions and limitations herein contained, have the following powers:
(1) To elect, appoint, and employ officers, agents, and employees; to make contracts and incur liabilities for any of the purposes of the corporation; provided, that the corporation shall not incur any secondary liability by way of guaranty or endorsement of the obligations of any person, firm, corporation, joint stock company, association or trust, or in any other manner.
(2) To borrow money from its members and the Federal Small Business Administration and any other similar federal agency for any of the purposes of the corporation; to issue therefor its bonds, debentures, notes or other evidences of indebtedness, whether secured or unsecured, and to secure the same by mortgage, pledge, deed of trust or other lien on its property, franchises, rights, and privileges of every kind and nature, or any part thereof or interest therein, without securing stockholder or member approval.
(3) To make loans to any person, firm, corporation, joint-stock company, association or trust, and to establish and regulate the terms and conditions with respect to any such loans and the charges for interest and service connected therewith; provided, however, that the corporation shall not approve any application for a loan unless and until the person applying for said loan shall show that he has applied for the loan through ordinary banking channels and that the loan has been refused by at least one (1) bank or other financial institution.
(4) To purchase, receive, hold, lease, or otherwise acquire, and to sell, convey, transfer, lease, or otherwise dispose of real and personal property, together with such rights and privileges as may be incidental and appurtenant thereto and the use thereof, including, but not restricted to any real or personal property acquired by the corporation from time to time in the satisfaction of debts or enforcement of obligations.
(5) To acquire the goodwill, business, rights, real and personal property; and other assets, or any part thereof, or interest therein, or any persons, firms, corporations, joint-stock companies, associations or trusts, and to assume, undertake, or pay the obligations, debts, and liabilities of any such person, firm, corporation, joint-stock company, association or trust; to acquire improved or unimproved real estate for the purpose of constructing industrial plants or other business establishments thereon or for the purpose of disposing of such real estate to others for the construction of industrial plants or other business establishments; and to acquire, construct or reconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, or otherwise dispose of industrial plants or business establishments.
(6) To acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of the stock, shares, bonds, debentures, notes or other securities and evidences of interest in, or indebtedness of any person, firm, corporation, joint-stock company, association or trust, and while the owner or holder thereof to exercise all the rights, powers, and privileges and ownership, including the right to vote thereon.
(7) To mortgage, pledge, or otherwise encumber any property, right or thing of value, acquired pursuant to the powers contained in subsections (4), (5) or (6) as security for the payment of any part of the purchase price thereof.
(8) To cooperate with and avail itself of the facilities of the United States Department of Commerce, the Virgin Islands Small Business Development Agency, and any other similar territorial or federal governmental agencies; and to cooperate with and assist, and otherwise encourage organizations in the various communities of the United States Virgin Islands in the promotion, assistance, and development of the business prosperity and economic welfare of such communities or of the United States Virgin Islands or of any part thereof.
(9) To conduct its business within or without the United States Virgin Islands.
(10) To accept gifts or grants of money, service or property, real or personal.
(11) To do and perform any and all acts and things necessary or convenient to carry out the powers expressly granted in this chapter and to effect the purposes for which the corporation is organized.