2019 US Virgin Islands Code
Title 32 - Sports and Parks
Chapter 21 - Virgin Islands Casino and Resort Control Act of 1995
Article IXA - Casino License Conservatorship
§ 499. Discontinuation of a conservatorship

Universal Citation: V.I. Code tit. 32, § 499 (2019)
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  • (a) The Commission shall direct the discontinuation of any conservatorship action instituted pursuant to section 492 of this title when the conservator has, pursuant to section 493 of this title and with the prior approval of the Commission, consummated the sale, assignment, conveyance or other disposition in bulk of all the property of the former licensee relating to the casino and the approved hotel.

  • (b) The Commission may direct the discontinuation of any such conservatorship action when it determines that for any reason the cause for which the action was instituted no longer exists.

  • (c) Upon the discontinuation of the conservatorship action and with the approval of the Commission, the conservator shall take such steps as may be necessary in order to effect an orderly transfer of the property of the former or suspended licensee.

  • (d) The sale, assignment, transfer, pledge or other disposition of the securities issued by a former or suspended licensee during the pendency of a conservatorship action instituted pursuant to this article shall neither divest, have the effect of divesting, nor otherwise affect the powers conferred upon a conservator by this chapter.

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