CHARTER
(A) To provide financial resources, including but not limited to loan guarantees, medium and long term credit, and equity infusions to small, minority, medium and large business located in the United States Virgin Islands to assist these businesses maintain economic stability and to help these entities grow into mainstream commercial banking customers;
(B) To provide financial resources, including but not limited to loan guarantees, letter of credit and stand-by letters of credit guarantees, medium and long term credit to maintain the economic stability of small, medium and large businesses located in the United States Virgin Islands;
(C) To provide technical and managerial assistance and assist companies that require a performance bond, bid bond, or payment bond to ensure that the continued viability of these businesses;
(D) To actively monitor the performance and compliance and to provide technical and managerial assistance to ensure the continued viability and growth of these businesses;
(E) To encourage large corporate investments, facilitate employment growth opportunities and promote the location of financial services within the United States Virgin Islands;
(F) To compile financial, economic, statistical and other related data on the banking industry in the United States Virgin Islands, and to disseminate this information;
(G) To invest its funds in readily marketable securities; or other such instruments;
(H) To borrow money and contract debts for its corporate purposes upon such terms and conditions as the Bank may from time to time determine, with or without security; to dispose of its obligations evidencing such borrowing; to make, execute and deliver trust indentures and other agreements with respect to any such borrowing, contracting of debt, issuance of bonds, including industrial development bonds, notes, debentures or other obligations; and by the authority of the Government of the United States Virgin Islands, which is hereby granted, to issue it bonds, notes, debentures or other obligations in such form secured in such manner and subject to terms of redemption with or without premiums, and to sell the name at public or private sale of such price or prices, all as may be determined by its Board of Directors;
(I) To serve as fiscal agent or broker for United States Virgin Islands’ enterprises seeking to qualify for grants, loans or any other form of financial or other assistance for the Federal Government or any of its departments, agencies or instrumentalities;
(J) To exercise all incidental powers as may be necessary to facilitate the purposes of the Bank and the Small Business Development Agency;
(K) It will be the policy of the Bank to sell its papers, notes, instruments, mortgages, bonds, debentures or equity share purchased by the Bank as soon as it seems warranted by the Board of Directors in order to free funds for further economic development projects. The Board of Directors shall determine the length of time upon to which equity shares may be held. It shall also be the policy of the Bank to encourage and enter into joint financing with other GDB/SBDAs chartered or doing business under the Laws of the Virgin Islands and any other states of the United States.
(L) It will be the policy of the Bank to sell its papers, notes, instruments, mortgages, bonds, debentures or equity shares purchased by the Bank as soon as it seems warranted by the Board of Directors in order to free funds for further economic development projects. The Board of Directors shall determine the length of time upon which equity shares may be held. It shall also be the policy of the Bank to encourage and enter into joint financing with other Banks chartered or doing business under the Laws of the United States Virgin Islands and any of the United States.
(M) The Bank Board shall administer the Small Business Incubator Program established in Title 11 Virgin Islands Code, chapter 23, subchapter II and may promulgate rules and regulations and exercise all powers necessary to carry out the purposes of the of the Program.
(A) To have a common seal and to alter the same from title to time;
(B) To acquire property for its corporate purposes by grant, gift, purchase, device or bequest, and to hold and to exercise the rights of ownership of and to dispose of the same;
(C) To acquire any property in settlement or reduction of debts previously made in the course of its business where such acquisition is necessary to minimize or avoid loss in connection therewith, to hold, deal with, complete, improve, insure, rent, and/or sell for cash or credit upon such terms, conditions and consider for such terms, conditions and consider for such periods and terms as the Board of Directors may deem advisable, to exercise the rights of ownership of and to dispose of the same;
(D) To establish one or more branches, offices or agencies necessary or convenient for the transaction of its business within or without the United States Virgin Islands;
(E) To purchase, hold, lease, mortgage and convey real property as follows: (1) a plot whereon there is or may be erected a building suitable for the transaction of its business, from portions of which not required for its own use a revenue may be derived; (2) such real estate as may be conveyed to it in settlement or reduction of debts previously contracted or in exchange for investments previously made in the course of its business; and (3) such as it shall purchase or otherwise acquire at sale under judgments, decrees or mortgages held by it; provided, however, that the Board of Directors shall determine the time period within that real property purchased or acquired may be sold, except as maybe used for the business and transaction of its business.
(F) To sue and be sued;
(G) To appoint, employ and contract for the services of officers, agents and employees and professional assistants and to pay such compensation for their services as the Bank may determine; and to fix and pay Director’s fees;
(H) To exercise such other corporate powers, not inconsistent herewith, as are conferred upon corporations by the laws of the United States Virgin Islands and to exercise all powers within and without the United States Virgin Islands to the same extent as natural persons might or could do;
(I) To be exempt from the statute of limitation laws as stated in Virgin Islands Code, title 5, chapter 3, section 31. The Bank and/or the Small Business Development Agency may bring an action for the default at any time;
(J) To administer the Small Business Incubator Program established in Title 11 Virgin Islands Code, chapter 23, subchapter II and may promulgate rules and regulations and exercise all powers necessary to carry out the purpose of the Program.