2019 US Virgin Islands Code
Title 3 - Executive
Chapter 3 - Lieutenant Governor
§ 42. Banking Board

Universal Citation: V.I. Code tit. 3, § 42 (2019)
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  • (a) The Banking Board of the United States Virgin Islands, as heretofore established within the Office of the Government Secretary, is reestablished within the Office of the Lieutenant Governor.

  • (b) The Board shall be composed of six members, as follows:

    • (1) Four members appointed by the Governor with the advice and consent of the Legislature;

    • (2) The Lieutenant Governor, who shall serve as Chairman of the Board; and

    • (3) The Commissioner of Finance, who shall be a member ex officio, and who shall serve as Secretary of the Board. Of the four members appointed by the Governor, two shall reside in the District of St. Croix and two shall reside in the District of St. Thomas-St. John.

  • (c) All members shall serve for a period of two years, except that any person appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the remainder of such term. Each member shall serve until the appointment and qualification of his successor.

  • (d) The appointed members may be removed by the Governor for cause.

  • (e) In addition to the performance of its functions prescribed by law, the Board shall perform such functions as the Governor prescribes or as required by federal law.

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