2019 US Virgin Islands Code
Title 9 - Banking
Chapter 7 - Merger or Consolidation
§ 82. Agreement between directors

Financial institutions or other entities intending to merge or consolidate may enter into an agreement for merger or consolidation of said, financial institutions, in which agreement they shall establish the terms and conditions of such merger or consolidation; the manner of carrying it out; the name of the new financial institution (in case one is organized), or of the consolidated, financial institution as the case may be; the number, names and residences of the first directors and officers of the new financial institution or of the consolidated one, which directors and officers shall hold office until their successors are elected or appointed, whether under the provisions of this title or under the bylaws of the aforesaid financial institution; the number of shares of capital stock of the new financial institution, or of the consolidated financial institution, common or preferred stock to be specified as well as the par value of each of said shares; the manner of converting the capital stock of each of the merged or consolidated entity into shares or obligations of the new financial institution or of the consolidated financial institutions, and, in case of the creation of a new financial institution, the date and manner of electing or appointing the directors and officers, and, in addition, all such other provisions and details as said directors may consider necessary or advisable to perfect the aforesaid merger or consolidation, provided they are not in conflict with the provisions of this title.