(a) The Lieutenant Governor, upon recommendation of the Banking Board, shall issue licenses to engage in the business of banking. No person or other entity may engage in the business of banking in the Territory without first obtaining a permit and otherwise complying with the provisions of this chapter.
(b) Every bank, national banking association, or foreign bank, or other person or entity engaged in the business of banking in the United States Virgin Islands shall obtain, on or before the 30th day of June of each calendar year, a special license to do business in the United States Virgin Islands during the succeeding calendar year, upon payment of the corresponding fees, as promulgated by the Banking Board.
(c) The Lieutenant Governor, upon recommendations of the Banking Board, shall grant a grace period of not exceeding thirty days during which an existing license may be continued in effect after the 31st day of December, to any bank or foreign bank which shows good cause therefor to the Banking Board, when the Banking Board considers such action to be in the public interest.
(d) Every bank or foreign bank which, without having a valid license currently in effect, transacts any banking business, shall, upon conviction, be fined not more than $2,500 for each such transaction; and every director, officer or employee of any bank or foreign bank who participates in any banking transaction knowing that the bank or foreign bank of which he is a director, officer or employee does not have a currently valid license shall be guilty of a felony and, upon conviction, shall be subject to the penalty provided in section 3 of Title 14, and each such transaction in which such director, officer or employee so knowingly participates shall constitute a separate offense.