(a) The purpose of this chapter is to provide for the creation of a protected cell corporation by the Legislature of the Virgin Islands to be owned by the University of the Virgin Islands Research and Technology Park Corporation, defined as the “Research and Technology Park Protected Cell Corporation,” as a means to provide Hosting Services to Knowledge-Based Businesses, in the Research and Technology Park and to offer tax benefits to the Protected Cells of the Research and Technology Park Protected Cell Corporation.
(b) The Research and Technology Park Protected Cell Corporation shall be a public corporation and an autonomous governmental instrumentality of the Governor of the Virgin Islands. It shall be located in the Research and Technology Park and benefits under this chapter shall only be provided to such Corporation and its Protected Cells as defined in this chapter for revenue generated from its operations in the Research and Technology Park.