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No bank or foreign bank shall be established under the same name as that already used by another institution, or so nearly similar thereto as to lead to confusion. When a bank ceases doing active business it may transfer or assign to another bank the right to use its name. No bank shall use the name of any bank which has ceased to do business, unless it previously incorporates under such name or changes its own in accordance with the provisions of section 38 of this title. If the assignment is made to a foreign banking corporation, the foreign banking corporation shall not use the same name without having first filed its certificate of incorporation and without having complied with the other provisions of this title. However, no bank shall use the name of any bank which has ceased to do business when the use of such name would be misleading or confusing.
The fact of such transfer or change of name shall be published at least three times a week for a period of at least three consecutive weeks in a newspaper of general circulation in each judicial division of the United States Virgin Islands.
No exempt international banking facility shall be established under the same name as that already used by another institution, or so nearly similar thereto as to lead to confusion; provided, that nothing in this section shall be construed to prevent a bank, foreign bank, or bank holding company from establishing an exempt international banking facility using a name similar to that of the establishing bank.