2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 14 - Exempt Companies
§ 861. Issuance of contract
Universal Citation: V.I. Code tit. 13, § 861 (2019)
- The Office of Lieutenant Governor is authorized and directed to provide any exempt company, within sixty (60) days of a request by the exempt company to do so, a contract signed by the Lieutenant Governor, on behalf of the Government of the United States Virgin Islands, stating that the benefits of this chapter as they exist upon the date of the contract shall be and remain available to said exempt company, and shall not be reduced, until twenty (20) years has elapsed, so long as the exempt company is:
(1) in compliance with all laws, rules and regulations of the United States Virgin Islands; and
(2) current in the payment of taxes and fees to the United States Virgin Islands. The contract shall further state that the Government shall not adopt any legislation impairing or limiting the obligation of such contract. The contract shall become effective with regard to an exempt company upon its acceptance by the exempt company. Such acceptance shall be indicated by the signature of an officer or the registered agent of the exempt company on a copy of the contract, which copy shall be returned to the Office of the Lieutenant Governor and shall remain on file in that office.
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