2019 US Virgin Islands Code
Title 9 - Banking
Chapter 3 - Organization and Management of Banks
§ 34. Commencement of business
Notice to Banking Board of certificate of incorporation
(a) Upon the issuing by the Lieutenant Governor of his certificate of incorporation, as provided in section 32 of this title, he shall so notify the Banking Board and at the same time shall transmit to the Board a duplicate copy of the articles of incorporation.
Examination of bank's condition
(b) When the duplicate copy is received by the Banking Board, the Board shall notify the corporation, and the corporation shall then file with the Board a statement of all the facts necessary to enable the Board to determine whether the bank has in fact complied with all the requirements of law and is lawfully entitled to commence business, such statement to be sworn to by a majority of the directors and by the president or the manager of the bank. Upon receipt of such statement by the Board, the Board shall examine the condition of the corporation, ascertain specifically the amount of its capital paid in, the names and places of residence of its directors and officers, and the amount of the capital stock which each owns in good faith, and, generally, whether such corporation has complied with all the provisions of law, including this chapter, required to entitle it to a license to engage in the business of banking.
Certificate of authority to commence business
(c) If, upon a careful examination of the facts so reported, or of any other relevant facts which may come to the knowledge of the Banking Board, the Board is satisfied that the minimum amount of its subscribed capital stock required by section 35 of this title to be paid in has in fact been duly paid in; that the deposit insurance and other insurance coverage required by subsection (b) of section 61 of this title is provided; that a resident agent, authorized to accept service of process under the provisions of section 44 of this title, has been appointed and that the Lieutenant Governor has received the required notice of such appointment; and that such bank has complied with all the applicable provisions of this title and other law required to be complied with before a bank shall be authorized to commence the business of banking, the Banking Board shall direct the Lieutenant Governor to give to such bank a certificate, under his hand and official seal, stating that such bank has complied with all the requirements of law, and that such bank is authorized to commence such business immediately upon the issuance of a license thereto in accord with the provisions of section 43 of this title. But the board may withhold from a bank the certificate authorizing it to commence business, whenever it is satisfied that the shareholders have organized said bank for any other than the legitimate objects determined by this chapter. The expenses incurred by the Banking Board in connection with such investigations shall be paid by the corporation in conformity with the regulations the Banking Board may make and promulgate for the purpose.
Publication of certificate
(d) The president or the manager of the bank shall cause the certificate issued under subsection (c) of this section to be published once a week during a period of sixty days in a newspaper of general circulation in each judicial division of the United States Virgin Islands.
Articles of incorporation as evidence
(e) The articles of incorporation filed in accordance with this title, or a copy thereof duly certified by the Lieutenant Governor, shall be prima facie evidence of the facts therein contained.
Duration of certificate
(f) The certificate issued under subsection (c) of this section shall remain in effect for one year from the date of issuance unless further extended by the Banking Board after a request stating the reasons for such extension is submitted to and approved by the Board.
