Act No. 7768 — An Act amending Title 33 Virgin Islands Code, chapter 117, section 3304 providing for additional collateral that a depository banking instit
ACT NO, 7768 BILL NO. 31-0223 THIRTY-FIRST LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2015 An Act amending Title 33 Virgin Islands Code, chapter 117, section 3304 providing for additional collateral that a depository banking institution may pledge in licu of a corporate surety bond Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 33 Virgin Islands Code, subtitle 3, chapter 117, section 3304 is amended by adding paragraph (6) to read as follows: “(6) irrevocable letters of credit issued by entities sponsored or established by the United States Government, or its agencies and instrumentalities, including irrevocable letters of credit issued by the Federal Home Loan Bank of New York.” Thus passed by the Legislature of the Virgin Islands on September 23, 2015. Witness our Hands and Seal of the Legislature of the Virgin Islands this Zy Fbay of September, A.D., 2015. Neville a.) President Myron D. Jackson Legislative Secretary Bill No. 31-0223 is hereby approved. …
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