Transferability Voluntary Termination

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  • (a) An economic development certificate granted under the provisions of this subchapter may be transferred, for the unexpired portion of the term of the certificate, to another person, corporation, partnership, who or which succeeds the beneficiary in carrying on or in operating the industry or business for which the certificate is granted, upon determination of the Commission that such person, corporation or partnership, is otherwise qualified to receive such benefits and provided the industrial or business activity with respect to which the certificate was granted is continued by the said person, corporation or partnership. Thereafter the transferor of the certificate shall lose all economic development benefits under this subchapter and shall be subject to the operation of the tax laws of the Virgin Islands.

  • (b) Requests by the beneficiary to terminate benefits prior to the expiration of benefits agreed to within the certificate must be put in writing to the Commission. The Commission may:

    • (1) Release the beneficiary from its stated monetary or contractual obligations to the EDC and the Islands; or

    • (2) Take any other reasonable action within the authority of the Commission as authorized in this chapter.

  • (c) Any of the action in subsection (a) by the Commission does not release the EDC beneficiary from any other obligations, contractual agreements, laws, or regulations related to the beneficiary’s activities with any other federal or local governmental entity or its obligation contractual or otherwise with other entities.


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