This Act establishes the Development Fund Board as a body corporate, defines its functions and powers and provides with respect to its administration and internal organization. The Board shall, among other things: financially manage the property received by it from the Government of the Virgin Islands or any other source for the purposes of the development of the economy of the Virgin Islands; appoint a commercial bank for purposes of this Act; and monitor the dealings of the bank in relation to any property invested with the bank under this Act. The Board may enter into an agreement with the bank for a period of five years. The bank shall, among other things, grant loans for a development projects to persons approved by the Board in accordance with regulatory standards.
British Virgin Islands (UK) · 2009-03-27