(a) The Certificate issued under this subchapter constitutes an enforceable contract between the Government of the Virgin Islands and the beneficiary, and pursuant to 48 U.S.C. §1561, the Government may not enact any law impairing the obligation of such contract. The Certificate must be issued by the Director in the name of the Government of the Virgin Islands and must bear the signature of the Commissioner.
(b) The Certificate must specify all of the following:
(1) in the case of a non-publicly owned corporation, the names and addresses of all of shareholders holding at least a 5% interest in the stock of the company;
(2) the specific tax income reductions applied for, depending on the corporate status of the applicant and whether or not the applicant intends to pursue an additional 10% reduction based on the contingencies described in § 747e(d)(3);
(3) Deleted.
(4) whether the certificate is for music recording to take place in the District of St. Thomas/St. John or the District of St. Croix;
(5) the date or dates upon which benefits commence, which may be retroactive to the first date of investment by the beneficiary in the industry or business granted in the Certificate, but the date may not be before the effective date of this subchapter;
(6) the specific commencement and termination dates for the benefits granted under the Certificate;
(7) such other terms and conditions as the Director considers appropriate, not inconsistent with this subchapter or the regulations promulgated under this subchapter.
(c) In addition to the information in subsection (c), the Certificate must contain recitals that:
(1) The grant of benefits under the Certificate is conditioned upon the beneficiary's continued performance and observance of the terms and conditions established in the Certificate within a period of time specified, and upon the final determination of the Secretary of the Treasury of the United States or the Secretary's delegate, of compliance with the requirement of Internal Revenue Code, section 934;
(2) Upon failure of the beneficiary to perform or observe the conditions as required by the Director within the specified period or any extension thereof granted for good cause shown to the Director, the Certificate is of no force and effect, and the beneficiary shall pay or refund as the case may be, to the Government of the Virgin Islands, the amount of any benefit actually received under the certificate; and
(3) Upon a final determination by the Secretary of the Treasury of the United States or his delegate that the beneficiary has not complied with the requirements of Internal Revenue Code section 934, the beneficiary shall pay or refund, as the case may be, to the Government of the Virgin Islands, the amount of any subsidy benefits, based on income tax liability, actually received, or the amount of the reduction of income tax liability on a current basis for all the years of non-compliance.