2019 U.S. Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 7 - Cooperative Corporations
§ 577. Promotion expenses; limitation on payment
Universal Citation:
V.I. Code tit. 13, § 577 (2019)
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None of the funds of any corporation organized under this chapter shall be used nor shall any shares of stock or memberships of such corporation be used in payment of any promotion of the corporation for commission, salaries, or expenses of any kind whatsoever, in excess of 10 percent of the paid-up capital stock. However, this section does not authorize any act prohibited by any provision of the corporation laws of the United States Virgin Islands placing restrictions upon the issue of stock, certificates of interest, or other securities, or upon the payment of promotion expenses or compensation for promotion.
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