Act No. 7322 (29th Legislature) — An Act repealing and reenacting title 28 Virgin Islands Code, chapter 9 to enact the Virgin Islands Uniform Fraudulent Transfer Act ---0---
ACTNO. 7322 BILL NO. 29-0044 TWENTY-NINTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2011 An Act repealing and reenacting title 28 Virgin Islands Code, chapter 9 to enact the Virgin Islands Uniform Fraudulent Transfer Act ---0--- Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 28 Virgin Islands Code, chapter 9 is repealed and reenacted with amendments that read as follows: “CHAPTER 9 VIRGIN ISLANDS UNIFORM FRADULENT TRANSFER ACT §171. DEFINITIONS As used in this chapter: (1) "Affiliate" means a person who directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities; @ as a fiduciary or agent without sole discretionary power to vote the securities; or (ii) solely to secure a debt, if the person has not exercised the power to vote; (A) a corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor or a person who directly or indirectly ow …
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