(a) The Agency shall have power to adopt, alter, and use a seal, which shall be judicially noticed. The Director is authorized, subject to the provisions of chapter 25 of Title 3 of the Virgin Islands Code, to select, employ and recommend for appointment such officers, employees and agents as shall be necessary to carry out the provisions of this chapter; and to define their authority and duties; provided, however, that the Director is authorized to select and employ officers, employees and agents for periods not to exceed six months to accomplish such projects, programs and assignments as the Director may deem essential to carry out the purposes of this chapter without compliance with the provisions of chapter 25 of Title 3 of this Code; provided, however, that the hiring of any such person shall be evidenced by a contract in writing approved by the Attorney General or an Assistant duly authorized in writing; and provided, further, that the Director shall submit on June 30, and December 30 of each year to the Governor and the Legislature a list of the employment of all such persons, with a description of their duties, compensation and length of employment. The Agency, with the consent of any board, commission, instrumentality, authority, or executive department of the Government, may avail itself on a reimbursable or non-reimbursable basis of the use of information, services, facilities (including any field service thereof), officers, and employees thereof, in carrying out the provisions of this chapter.
(b) In the performance of, and with respect to, the functions, powers, and duties vested in him by this chapter the Director may—
(1) sue and be sued only in actions arising out of contract in the District and Superior Court of the United States Virgin Islands; but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Director or the property of the Agency;
(2) under regulations prescribed by him, assign or sell at public or private sale, or otherwise dispose of for cash or credit, in his discretion and upon such terms and conditions and for such consideration as the Director shall determine to be reasonable, any evidence of debt, contract, claim, personal property, or security assigned to or held by the Agency in connection with the payment of loans granted under this chapter, and to collect or compromise all obligations assigned to or held by the Agency and all legal or equitable rights accruing to him in connection with the payment of such loans until such time as such obligations may be referred to the Attorney General for suit or collection; provided, that any such compromise shall be subject to prior approval of the Loan Policy Board;
(3) deal with, complete, renovate, improve, modernize, insure, or rent, or sell for cash or credit upon such terms and conditions and for such consideration as the Director shall determine to be reasonable, any real property conveyed to or otherwise acquired by the Agency in connection with the payment of loans granted under this chapter;
(4) pursue to final collection, by way of compromise or otherwise, all claims against third parties assigned to the Agency in connection with loans made by the Agency; provided, that any such compromise shall be subject to prior approval of the Loan Policy Board; this shall include authority to obtain deficiency judgments or otherwise in the case of mortgages assigned to the Agency. The power to convey and to execute in the name of the Agency deeds of conveyance, deeds of release, assignments and satisfaction of mortgages, and any other written instrument relating to real property or any interest therein acquired by the Agency pursuant to the provisions of this chapter may be exercised by the Director or by any officer or agent appointed by him with an express delegation of power of attorney;
(5) acquire, in any lawful manner, any property (real, personal, or mixed, tangible or intangible), whenever deemed necessary and appropriate to the conduct of the activities authorized in section 1255 of this chapter.
(6) make such rules and regulations as he deems necessary to carry out the authority vested in him by or pursuant to this chapter;
(7) in addition to any powers, functions, privileges, and immunities otherwise vested in him, take any and all action determined by him to be necessary or desirable in making, servicing, compromising, modifying, liquidating, or otherwise dealing with or realizing on loans made under the provisions of this chapter; provided, that no loan shall be compromised, modified or liquidated without the prior approval of the Loan Policy Board;
(8) accept the services and facilities of federal, territorial, and local agencies and groups, both public and private, and utilize such gratuitous services and facilities as may, from time to time, be necessary, to further the objectives of this chapter;
(9) make contracts and cooperative agreements with public and private agencies, private corporations, industries and businesses, to cooperate in managerial and technical training; and to provide for employment therewith at the management level of persons eligible for assistance under the provisions of this chapter;
(10) establish single and joint accounts in banks, both savings and checking, with persons receiving funds and assistance under this chapter, and to disburse singly or jointly funds therefrom jointly with such persons when such joint disbursement is deemed necessary in the public interest.
(c) To such extent as he finds necessary to carry out the provisions of this chapter, the Director is authorized to procure the services of experts or consultants or organizations thereof. The Director may assign all accounts, which are inactive and delinquent more than one hundred and eighty (180) days from when they are first due and owing, to a third party collection agency for collection.