2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 3 - Nonprofit Corporations
§ 492. Articles of incorporation; contents; amendments
(a) The articles of incorporation shall contain and state—
(1) the name of the corporation, which shall not be the same as, nor similar as to cause confusion with, the name of any other domestic corporation or foreign corporation admitted to do business in the United States Virgin Islands, and which shall be such as to indicate that it is a corporation as distinguished from a natural person or partnership;
(2) the objects and purposes for which the corporation is formed;
(3) the name of, and the street address in, the town in which its principal office or place of business is to be located in the United States Virgin Islands, and the name of its resident agent, which agent may be either an individual or a corporation;
(4) the time of commencement and the period of the continuance of said corporation;
(5) the terms of admission to membership;
(6) the highest amount of indebtedness or liability to which the corporation shall at any time be subject;
(7) by what directors, managers or trustees and officers the affairs of the corporation shall be managed, and when such directors, managers or trustees and officers are to be elected.
(b) The articles of incorporation may be amended when authorized by a vote of two-thirds of the members comprising the membership of any association incorporated under this chapter, given at a meeting, or by the written consent of all the members without a meeting. Such amended articles shall be executed and acknowledged by the officer in whom the management of the affairs of the corporation is vested and shall be filed and indexed in the same place and manner as the original articles.
(c) In the event that a corporation formed in accordance with the provisions of this chapter shall intend to apply for exemption under the provisions of section 501(c)(3) of the Internal Revenue Code of 1954, the articles of incorporation, in addition to the provisions required by subdivision (a) hereof, shall state that upon dissolution of the corporation, the corporation's assets shall be distributed for an exempt purpose or for public use in accordance with the provisions of section 501(c)(3) and the regulations issued thereunder.
