2019 US Virgin Islands Code
Title 32 - Sports and Parks
Chapter 21 - Virgin Islands Casino and Resort Control Act of 1995
Article VIB - Interim Casino Authorization
§ 447. Applicability and requirements
(a) Except as provided in subsection (b) of this section, whenever any person contracts to transfer any property relating to an ongoing casino operation, including a security holding in a casino licensee or holding or intermediary company, under circumstances which require that the transferee obtain casino licensure under section 434 of this title or qualification under section 436 or 437 of this title, the contract shall not specify a closing or settlement date which is earlier than the 121st day after the submission of a completed application for licensure or qualification, which application shall include a fully executed and approved trust agreement in accordance with section 449 of this title. Any contract provision which specifies an earlier closing or settlement date shall be void for all purposes. Subsequent to the earlier of the report of the Division on interim authorization or the 90th day after the timely submission of the completed application, but no later than the closing or settlement date, the Commission shall hold a hearing and render a decision on the interim authorization of the applicant. If the Commission grants interim authorization, then, subject to the provisions of sections 447 through 451 of this title the closing or settlement may occur without interruption of the casino operations. If the Commission denies interim authorization, there shall be no closing or settlement until the Commission makes a determination on the qualification of the applicant, and if the Commission then denies qualification the contract shall thereby be terminated for all purposes without liability on the part of the transferor.
(b) Whenever any person, as a result of a transfer of publicly-traded securities of a casino licensee or a holding or intermediary company or a financing entity of a casino licensee, is required to qualify under section 436 or 437 of this title, the person shall, within 30 days after the Commission determines that qualification is required or declines to waive qualification under section 434, under paragraph (1) of subsection (d) of section 437 or under subsection (f) of section 437, or within such additional time as the Commission may for good cause allow, file a completed application for such licensure or qualification, which application shall include a fully executed and approved trust agreement in accordance with section 449, or in the alternative, such person, within 120 days after the Commission determines that qualification is required or a waiver of qualification is denied, shall divest such securities as the Commission may require in order to remove the need for qualification. If such person determines to divest such securities, notice of such determination shall be filed with the Commission within 30 days after the Commission determines the qualification is required or that a waiver of qualification is denied.
- No extension of the time for filing a completed application shall be granted unless the person submits a written acknowledgment of the jurisdiction of the Commission and the obligations imposed by this chapter. If a person required by this section to file an application fails to do so in a timely manner, such failure shall constitute a per se disqualification to continue to act as a security holder, and the Commission shall take appropriate action under this chapter. If a person required by this section to file an application does so in a timely manner, then, subsequent to the earlier of the report of the Division on interim authorization or the 90th day after submission of the completed application, but not later than the 120th day after such submission, the Commission shall hold a hearing and render a decision on the interim authorization of such person. The pendency of proceedings under this subsection shall not prevent the renewal of a casino license under section 440 of this title, so long as any person required by this subsection to file an application has complied with this subsection and has otherwise complied with this chapter.