(a) There is hereby created by the Government of the Virgin Islands a protected cell corporation to be known as the Research and Technology Park Protected Cell Corporation. Such Research and Technology Park Protected Cell Corporation shall be governed by the Board of Directors of the Research and Technology Park Corporation. Upon the written approval by the Board and the Governor of the plan of operation, which shall include, but not be limited to, the specific business and investment objectives of each Protected Cell, the Research and Technology Park Protected Cell Corporation may establish the Protected Cell and may establish written procedures therefore, which may include an establishment fee and an annual fee payable to the Research and Technology Park Protected Cell Corporation.
(b) Each Protected Cell shall have its own distinct name or designation, which shall contain the words: “VI E-Cell” or “Virgin Islands E-Cell”, which words shall be a duly registered trade name with the Office of the Lieutenant Governor. The Research and Technology Park Cell Corporation shall have the authority to grant names to each Protected Cell, as long as names shall not be the same as, nor so similar as to cause confusion with, the name of any other Protected Cell, and as long as all names commence with the words “VI E-Cell” so as not to cause confusion with the name of any other entity in the Virgin Islands.
(c) Each Protected Cell is a legal entity separate from the Corporation and may be only created as a legal entity that under the laws of the Virgin Islands provides limited liability for at least some of its equity owners, including, but not limited to, a corporation, limited liability company or limited liability partnership.
(d) To be entitled to the benefits of this chapter, a Protected Cell must meet the following conditions at all times:
(1) The Protected Cell must be an “Electronic Commerce Business,” an “e-Commerce Business,” or a “Knowledge-Based Business” as defined in title 17 Virgin Islands Code chapter 34, section 482;
(2) The Protected Cell must be a tenant of the University of the Virgin Islands Research and Technology Park; and
(3) The Protected Cell must have the Corporation as a shareholder, partner, member, or other equity owner, to an agreed minimum percentage, of the total equity interests in the Protected Cell entity.
(e) The Research and Technology Park Protected Cell Corporation shall be the exclusive protected cell corporation or similar entity in the Virgin Islands, other than a corporation established pursuant to Title 22, chapter 55, subchapter II of this Code, for a period of 10 years from the date of enactment of this legislation.
(f) The resident agent and the location at which the resident agent may be served shall be designated in writing by each Protected Cell to the Research and Technology Protected Cell Corporation and in the absence of such designation shall be the Lieutenant Governor at the Office of the Lieutenant Governor.