2019 US Virgin Islands Code
Title 9 - Banking
Chapter 9 - Foreign Banks
§ 104. Commencement of business

(a) When the permit of the Banking Board is received by the foreign bank, as provided in section 102 of this title, it shall proceed to comply with all applicable provisions of law so as to place it in readiness to commence business upon issuance to it of the license provided by section 43 of this title. When such foreign bank is in such position of readiness, it shall notify the Banking Board, by means of a statement of all facts necessary to enable the Banking Board to determine whether such foreign 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 manager of such foreign bank.

(b) Upon receipt of such statement by the Banking Board the board shall make such investigations as may be necessary to assure itself that the foreign bank has in fact complied with all the provisions of law to entitle it to a license to engage in the business of banking.

(c) If, upon a careful examination of the facts so reported, or any other relevant facts which may come to the knowledge of the Banking Board, the board is satisfied that the foreign bank has obtained the deposit and other insurance coverage required by subsection (b) of section 61 of this title, and that such bank has complied with all of the provisions of this chapter required to be complied with before a foreign bank shall be authorized to commence the business of banking in the United States Virgin Islands, the Banking Board shall direct the Lieutenant Governor to give such foreign bank a certificate, under his hand and official seal, stating that such foreign bank has complied with all the requirements of law, and that it is authorized to commence 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 foreign bank the certificate authorizing it to commence business, whenever it is satisfied that the foreign bank seeks to do business in the United States Virgin Islands for any other than the legitimate objects determined by this chapter.

(d) The expense incurred by the Banking Board in connection with such investigation shall be paid by the foreign bank in conformity with regulations which the board may make and promulgate for the purpose.

(e) The president or manager of the foreign bank shall cause the certificate issued under subsection (c) of this section to be published once a week during five consecutive weeks in a newspaper of general circulation in each judicial division of the United States Virgin Islands.