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Board Legislation

Virgin Islands Code, Title 3, Chapter 27, §715 (a)

…The Board of Trustees shall be composed of seven members who shall be appointed by the Governor with the advice and consent of the Legislature. Two members shall be appointed from a group of at least six persons who are members of the Central Labor Council, active members of the Government Employees Retirement System, and who have been recommended by the Executive Committee of the Central Labor Council. One such appointee shall be a resident of the District of St. Croix and one such appointee shall be a resident of the District of St. Thomas-St. John. Of the remaining five members, two shall be a retiree of the Government Employees Retirement System, elected through a process to be determined and conducted by the system, and at least one shall be an active member of the Government Employees Retirement System; provided that two such appointees shall be residents of the District of St. Croix, two such appointees shall be residents of the island of St. Thomas and one shall be a resident of the island of St. John. Each member shall serve a term of five years. No member may serve more than two complete terms. Any vacancy shall be filled in the manner of the original appointment for the unexpired term. Notwithstanding the date on which any member's term expires, all members shall serve until their successors are appointed and approved. The Governor shall designate one of the members to serve as Temporary Chairman, whose sole responsibility shall be to call the first meeting of the Board. Members may be removed for cause. Notwithstanding section 65a, of this chapter, members whose terms have expired shall continue to serve until their successor is nominated by the Governor and confirmed by the Legislature of the Virgin Islands. All members of the Board of Trustees, who are employees of the Government of the United States Virgin Islands or of any of its instrumentalities, shall be automatically granted administrative leave to attend Board meetings or whenever they are in the process of conducting any official business of the Board of Trustees as designated by the chairperson of the Board. …With the exception of the two members from the Central Labor Council, members of the Board of Trustees shall have at least five years experience and a[t] least a bachelor's degree in any of the following: investment banking; economics; finance; insurance; law; medicine; accounting; actuarial science; taxation; real estate appraisal or brokerage and securities trading.