VIRGIN ISLANDS CODE ANNOTATED
Copyright © 2008 by THE LIEUTENANT GOVERNOR for THE GOVERNMENT OF THE VIRGIN ISLANDS

• To aid the Government in the performance of its duties to develop the economy of the United States Virgin Islands, there is hereby created a body corporate and politic constituting a public corporation and semi-autonomous instrumentality of the Government of the United States Virgin Islands, by the name of the "Virgin Islands Economic Development Authority", (hereinafter "the Authority"), which shall be governed by a board consisting of seven (7) persons appointed by the Governor, pursuant to section 1002 of this chapter.
  
  
• The Authority hereby created is and shall be a semi-autonomous governmental instrumentality subject, as provided in Section 11 of the Revised Organic Act, to the general supervision and direction of the Governor, and as provided for herein, to the control of its Governing Board. It is a public corporation having legal existence and personality separate and apart from the Government of the Virgin Islands and the officers controlling it. Further, subject to section 1010 of this title, the debts, obligations contracts, bonds, notes, debentures, receipts, expenditures, accounts, funds, facilities, and property of the Authority shall be deemed to be those of the Authority and not to be those of the Government of the United States Virgin Islands, or any office, bureau, department, agency, commission, municipality, branch, agent, officer, or employee thereof.