2019 U.S. Virgin Islands Code
Title 29 - Public Planning and Development
Chapter 21 - Economic Development Authority
§ 1100. Statement of purpose

Universal Citation:
V.I. Code tit. 29, § 1100 (2019)
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The purpose of this chapter is to create an umbrella authority to assume, integrate and unify the functions of the Economic Development Bank, the Economic Development Commission, the Industrial Park Development Corporation, and the Small Business Development Agency (hereinafter referred to as GDB, EDC, IPDC, and SBDA respectively) under one executive board in order to achieve maximum efficiency of operations, avoid duplication of services, positions and responsibilities, reduce expenses for personnel, physical plant and operations and develop comprehensive programs for the economic development of the Territory by exercising the powers and duties of all four former entities, in conjunction with one another, and in the context of the overall goal of promoting and enhancing the economic development of the Territory. It is the intent of this chapter to allow the subsidiary corporations and entities to maintain distinct identities and to function independently of one another, only to the extent necessary to perform their distinct functions and objectives, but in all other cases to function in an integrated fashion. This chapter shall be liberally construed to achieve those purposes and goals.

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