PocketLaw | US Virgin Islands Code | Domestic Associations

Domestic Associations

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Organization

Powers

Investments

Purchase and sale of real estate

Incorporation; articles of incorporation

Account holders as members; minors

Borrowers as members; voting rights

Officers, duties, meetings, voting

Bylaws; attorney

Capital and shares

Transfer of shares

Exemption of share accumulations from levy

Retirement of unpledged shares

Matured shares

Dues and fees

Suspension of shares for nonpayment of dues

Withdrawals

Loans

Interest on loans

Security for loans

Loans without pledging of shares; construction loans

Prepayment of taxes, insurance and other charges

Conditions for payment of charges; additional security

Determination of interest, fees and other charges; prepayment

Failure to offer security; conditions of loans

Repayment of loans

Failure to make payments

Reserve requirements

Distribution of profits and losses

Dividends

Annual report to Banking Board

Penalty for failure to report

Examination by Banking Board

Conversion to federal association

Procedure for conversion

Powers, liabilities and status of converted association

Conversion from federal association

Procedure for conversion

Powers, liabilities and status of converted association

Dissolution and liquidation; vote required

Filing of copy of vote; discontinuance of business; disposition of income and receipts

Sale of assets

Investigation and approval of plan by Banking Board

Certification to Lieutenant Governor; termination of existence

Violations