(a) The Board shall:
(1) adopt, and may thereafter, from time to time, repeal, amend, or supplement regulations in order to comply with the provisions of this chapter;
(2) collect fees for examinations and audits, receive monies and make disbursements according to its budget or as otherwise provided by law or regulations;
(3) open and maintain such bank accounts as may be necessary and appropriate to carry out the purposes of this chapter;
(4) review and carry out investigations with regard to all applications for licenses to operate international financial services entities;
(5) approve, grant conditional approval, or deny applications for permits and licenses to operate international financial services entities; provided, that any person whose applications has been denied or conditionally approved may request a hearing pursuant to the regulations;
(6) supervise, inspect, and examine international financial services entities and require from them periodic reports and other information specified in the regulations of the Board;
(7) require periodic examination of the accounts of each international banking entity as requested in the Board’s discretion, which must include an examination of the financial condition of each international financial services entity, its compliance with the requirements of this chapter and the regulations of the Board, and such other matters as the Board may consider appropriate;
(8) ascertain the financial security and operating soundness of international financial services entities and ensure that they comply with applicable laws and regulations and with any other provision or requirement that the Board may require by order or regulation;
(9) revoke or suspend a license to operate an international financial services entity or impose any sanctions the Board may consider necessary and convenient pursuant to regulations, subject to the requirements of section 749; and
(10) carry out such other activities incidental to the performance of duties under this chapter.
(b) The Board may summon witnesses and request the production of such documents as the Board considers necessary to carry out any investigation under this chapter. The information obtained through this process must be kept confidential.
(c) If a person fails to comply with a summons issued by the Board, the Board may seek whatever remedy that may be legally applicable, from the Superior Court of the Virgin Islands; and the court may order such person to comply with the summons of the Board, under admonition of contempt of court.
(d) Within the term of 90 days after the closing of each fiscal year of the Virgin Islands, the Board shall remit to the Department of Finance, to be covered into the Tap Roots Program, described in section 754, five (5) percent of the net income obtained from his functions related to this chapter for such fiscal year.