2019 U.S. Virgin Islands Code
Title 21 - Homesteads and Home Loans
Chapter 3 - Housing Rehabilitation Loans
§ 124. General powers and duties
- The Authority shall have all the rights and powers necessary or desirable for carrying out the purposes of this chapter. In addition to any specific powers enumerated herein, the Authority may:
(a) sue and be sued;
(b) have a seal and alter it at will;
(c) make contracts and other instruments;
(d) make by-laws, rules and regulations governing its operation and the use of its property and facilities;
(e) acquire, hold, mortgage, pledge and dispose of real or personal property;
(f) appoint officers, agents and employees, prescribe their powers and duties and fix their compensation subject to chapter 5 of Title 3, Virgin Islands Code, and to appropriations;
(g) invest any funds not required for immediate use or disbursement, including any funds held in reserve, in obligations of this Territory or the United States Government, or obligations, the principal and interest of which are guaranteed by this Territory or the United States Government;
(h) agree to guarantee loans made by financial institutions to owners of housing accommodations and, in case of default by the owner, take action as may be required to protect the interest of the Authority;
(i) accept any gifts, grants or loans of funds or property or financial or other aid of any form from the Virgin Islands Government or Federal government or any agency thereof or from any sources and to comply with the terms and conditions thereof not inconsistent with this chapter; and
(j) engage the services of any department or agency of the executive branch on a contract basis for rendering staff or professional assistance, and engage the services of any private person, firm or corporation on a contract basis for rendering staff or professional assistance or advice.
