(a) No foreign bank may open any branch, or change the location of any branch, in the United States Virgin Islands without a permit so to do from the Banking Board. An application to the Banking Board for such permit shall state the benefit to the public expected to result from the granting of the permit applied for. The Banking Board, upon receipt of such application, may require the submittal of such additional information as may be necessary in order for the board to make the investigations and reach the decision hereinafter in this section required of such board.
(b) It shall be the duty of the Banking Board, immediately after it receives an application for a permit, to make whatever investigations may be necessary as to:
(1) the overall financial condition of the applicant;
(2) whether or not granting the application would reasonably be apt to result in an over-extension of applicant's resources or facilities;
(3) character and repute, as well as the banking and commercial experience of applicant and its directors and executive officers;
(4) whether the bank shall be of benefit to the general public; and
(5) the capital which the bank has available for its operations in the United States Virgin Islands.
(c) The Banking Board may issue the permit applied for if, in its judgment, the result of the investigations are satisfactory; provided, that the decision of the Banking Board shall be final; and provided further, that all expenses incurred by the Banking Board in connection with such investigations shall be paid by the applicant in conformity with regulations which the board may make and promulgate for the purpose.
(d) Upon the issuance of a permit to an applicant, the Banking Board shall forthwith transmit a certified copy thereof to the Lieutenant Governor, who shall file it along with such other documents submitted to the Lieutenant Governor under the provisions of section 101 of this title.