Section text and notes
act June 30, 1949, ch. 285, § 1 63 Stat. 350 Section 1407, , , related to creation of Virgin Islands Corporation under direction of the President of the United States or his representative for promotion of economic development of Virgin Islands.
act June 30, 1949, ch. 285, § 2 63 Stat. 351 Section 1407a, , , related to principal offices of Corporation for venue purposes and establishment of branch offices.
act June 30, 1949, ch. 285, § 3 63 Stat. 351 Section 1407b, , , set forth authorized activities of Corporation.
June 30, 1949, ch. 285, § 4 63 Stat. 352 Pub. L. 85–91372 Stat. 1759 Pub. L. 92–310, title II, § 23486 Stat. 214 Section 1407c, acts , ; , , §§ 1–3, ; , , , related to general powers of Corporation.
act June 30, 1949, ch. 285, § 5 63 Stat. 353 Section 1407d, , , related to utilization of other Federal agencies and instrumentalities.
June 30, 1949, ch. 285, § 6 63 Stat. 353 Pub. L. 85–913, § 472 Stat. 1760 Pub. L. 87–38275 Stat. 812 Section 1407e, acts , ; , , ; , , , related to appropriation of money and establishment of a revolving fund.
act June 30, 1949, ch. 285, § 7 63 Stat. 353 84 Stat. 2085 Section 1407f, , ; 1970 Reorg. Plan No. 2, § 102, eff. , 35 F.R. 7959, , related to use of funds and limitations thereon, interest payments to Treasury on advances, and contributions to retirement and disability funds.
June 30, 1949, ch. 285, § 8 63 Stat. 354 Pub. L. 85–913, § 572 Stat. 1760 Section 1407g, acts , ; , , , related to authorization of appropriations necessary to cover losses substained in revenue-producing activities, expenses incurred in non-revenue-producing activities, and an appraisal of necessary working capital.
June 30, 1949, ch. 285, § 9 63 Stat. 354 Pub. L. 85–913, § 672 Stat. 1760 Section 1407h, acts , ; , , , related to Board of Directors of Corporation.
act June 30, 1949, ch. 285, § 10 63 Stat. 355 84 Stat. 2085 Section 1407i, , ; 1970 Reorg. Plan No. 2, § 102, eff. , 35 F.R. 7959, , related to transfer of functions, assets, and property of Virgin Islands Company to Corporation.
Statutory Notes and Related Subsidiaries
Effective Date
Act June 30, 1949, ch. 285, § 14 63 Stat. 356 act June 30, 1949, ch. 285 Pub. L. 97–357, title III, § 308(e)96 Stat. 1710 , , which provided that [see Short Title note below] become effective , was repealed by , , .
Short Title
Act June 30, 1949, ch. 285, § 15 63 Stat. 356 section 1401d of this titlePub. L. 97–357, title III, § 308(e)96 Stat. 1710 , , provided that act , enacting sections 1407 to 1407i of this title and amending and section 846 of former Title 31, Money and Finance, could be cited as the “Virgin Islands Corporation Act”, prior to repeal by , , .
Savings Provision
Pub. L. 97–357, title III, § 308(e)96 Stat. 1710
Transfer of Facilities; Investment Increase; Supply of Electric Power
Pub. L. 85–913, § 772 Stat. 1760 , , , authorized the Secretary of the Navy to transfer and convey to the Virgin Islands Corporation, without reimbursement, the power-generating facilities located at the Marine Corps air facility and naval submarine base, Saint Thomas, Virgin Islands, together with all the land, buildings, structures, facilities, distribution lines, fuel tanks, and equipment appurtenant thereto and necessary for the operation thereof, with such transfer to be accomplished not later than .
Dissolution of Virgin Islands Company
Act June 30, 1949, ch. 285, § 11 63 Stat. 355 Pub. L. 97–357, title III, § 308(e)96 Stat. 1710 , , authorized the Secretary of the Interior, the Under Secretary of the Interior, and the Governor of the Virgin Islands, as the stockholders of the Virgin Islands Company, a corporation created by ordinance of the Colonial Council for Saint Thomas and Saint John, Virgin Islands of the United States, to take such steps as may be appropriate to dissolve the Virgin Islands Company, prior to repeal by , , .