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Development Fund Board Act, 2009 (No. 6 of 2009).

Country/Territory
British Virgin Islands (UK)
Document type
Legislation
Date
2009
Source
FAO, FAOLEX
Long title
An Act to establish the Development Fund Board and matters related thereto.
Subject
Agricultural & rural development
Keyword
Agricultural development Institution Special fund Non-governmental entity
Geographical area
Americas, Caribbean, Latin America and the Caribbean, North Atlantic, Small Island Developing States
Abstract

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.

Full text
English
Website
www.bvigazette.org