(a) The Commissioner of Finance shall designate banks or trust companies authorized to engage in a general commercial banking business within the Virgin Islands as depositories to receive funds of the government of the United States Virgin Islands and of its various agencies, authorities and instrumentalities. The Commissioner of Finance shall not be liable for the safekeeping of the funds so lawfully deposited. The banks or trust companies so designated as depositories must—
(1) have been continuously engaged in general commercial banking within the Virgin Islands either directly or as successor in interest of an acquired bank or trust company for a period of not less than three years,
(2) be incorporated under the laws of the United States or a State or Territory of the United States; and
(3) be insured by the Federal Deposit Insurance Corporation and subject to examination by the Federal Deposit Insurance Corporation, the Federal Reserve System of the United States, or the Office of the United States Comptroller of the Currency.
(b) The Governor may designate any other bank or trust company authorized to engage in a general commercial banking business in the Virgin Islands under Title 9 of this code, but which does not meet the requirements specified in subsection (a) of this section, as depositories to receive funds of the Government of the United States Virgin Islands if he determines that such bank or trust company is reputable and solvent.