(a) A corporation shall qualify as an exempt company only if less than ten percent (10%) of:
(1) the total voting power of the stock of such corporation; or
(2) the total value of the stock of such corporation;
is owned or treated as owned (within the meaning of section 958 of the Internal Revenue Code) by one or more Virgin Islands persons.(b) For the purposes of this section, “Virgin Islands persons” shall not include exempt companies.
(c) This section shall not apply to an exempt international banking facility owned in whole or in part by a United States Virgin Islands bank.
(d) Notwithstanding any other provision to the contrary, a company shall not be disqualified as an exempt company if ten percent (10%) or more of the total voting power of the stock of such company is owned or treated as owned by one or more Virgin Islands persons as trustee or trustees pursuant to a voting trust, so long as such trustee or trustees have no beneficial ownership interest in the stock of such company and the company otherwise qualifies as an exempt company.