A licence issued under BANKS AND TRUST COMPANIES ACT, 1990 must be in one of the following categories:
(a) a general banking licence, for the purposes of carrying on banking business
within and outside the jurisdiction of the Virgin Islands without any restrictions on
that business;
(b) a restricted Class I banking licence, for the purpose of carrying on banking
business with the restrictions on that business set forth in section 11;
section 11 :
The holder of a restricted Class I banking licence shall not
(a) take banking deposits from any person resident in the Virgin Islands other
than another licensee or a company incorporated under the International Business
Companies Act, 1984;
(b) invest in any asset that represents a claim on any person resident in the
Virgin Islands except a claim resulting from
(i) a transaction with another licensee, or
(ii) the purchase of bonds or other securities issued by the Government,
a statutory corporation or a company in which the Government is the sole or
majority beneficial owner; or
(c) without the written approval of the Commission, carry on any business in the Virgin
Islands other than the business for which the restricted Class I banking licence has
been obtained.
(c) a restricted Class II banking licence, for the purpose of carrying on banking
business with the restrictions on that business set forth in section 11 with the further
restriction that the licensee shall not receive or solicit funds by way of trade or
business from persons other than those listed in any undertaking accompanying the
application for the licence;
(d) a general trust licence, for the purpose of carrying on trust business without
any restrictions; and
(e) a restricted trust licence, for the purpose of carrying on trust business with
the restriction that the licensee shall not undertake trust business for persons other
than those listed in any undertaking accompanying the application for the licence.