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shall begin the firgsday of January in each year; and it is further RESOLVED, that the preparation and filing on behalf of the Corporation with the U.S. Virgin islands Division of Banldng and Insurance (the "Division') of an application for a license to establish the Corporation as an Intonational Banking

authorizes the creation of these entities. Pursuant to Title 9, Chapter 25, Section 721,a copy of which is attached to this letter, the Director of Banking and Insurance is responsible for issuing the license to FSG to commence operations. FSG is not required to obtain a business license from the Department of Licens

1986 provisions relating to Guam, American Samoa, and the Northern Marianas, as well as the U.S. Virgin Islands, but the provisions relating to the U.S. Virgin Islands are substantially different from those which apply to the other three territories. In short, the Virgin Islands has retained the mirror sys

rer. An exempt company which so qualifies may conduct business in the Virgin Islands if it obtains the appropriate license from the Commissioner of Banking and Insurance. The Exempt Company Law also prohibits Virgin Islands persons from both owning and controlling 10% or more of the stock of an exempt company; howeve

tions of the Director. SUBSECTION 719-2. GENERAL REQUIREMENTS AND PROCEDURES (a). Asset requirements. An IBE shall possess and maintain in the U.S. Virgin Islands at least three hundred thousand dollars (US $300,000) in unencumbered assets or financial guarantees acceptable to the Director. Such guara

tive conduct of the business for which this certificate was granted within five (5) years of the date this certificate is signed by the Director of Banking and Insurance of the Office of the Lieutenant Governor." SUBSECTION 748-1. TRANSFER OF BENEFITS (a) This subchapter shall not be applicable in cases where any