2019 US Virgin Islands Code
Title 9 - Banking
Chapter 3 - Organization and Management of Banks
§ 41. Changes in control of banks
(a) No sale or exchange or acquisition of the voting capital stock issued by any bank or bank holding company organized under the provisions of this title that may result in the control or in a change in the control of a bank shall be made until the Banking Board has been notified of the details of the proposed operation by the president or other authorized executive officer of the bank, and the Banking Board's approval has been obtained.
(b) The notice to the Banking Board shall contain information as to the number of shares of stock or other interests which are the subject of the operation, the name and address of the vendor (or assignor) and of the vendee (or assignee), the purchase price, the total number of shares or other interests owned by the vendor (or assignor) and by the vendee (or assignee), respectively, before making the proposed sale, exchange or acquisition.
(c) It shall be the duty of the Banking Board, as soon as it receives notice of a proposed transaction that may result in the control or in a change in the control of a bank, to make the necessary investigations with respect:
(1) to the character, experience and financing responsibility of the vendee (or assignee),
(2) if such character, experience and financing responsibility guarantee the efficient operation of the bank, and
(3) if the transfer of the control of the bank jeopardizes the interests of the depositors, creditors or stockholders of the bank.
(d) The Banking Board shall issue authorization for the transfer of control of a bank if the result of its investigation is, in its judgment, satisfactory. The resolution of the Banking Board shall be final.
