723

(a) Every international financial services entity shall possess not less than $300,000 of unencumbered assets or acceptable financial securities, or that lesser sum that, by request of the interested party, the Board authorizes, when the type of business or power that the international financial services entity intends to exercise or other circumstances thus merits it, in the judgment of the Board. The unencumbered assets must be physically located in the Virgin Islands and subject to the requirements regarding them established by the regulations of the Board.\n(b) Subject to paragraph (3), without the prior written approval of the Board, an international financial services entity may not issue:\n(1) additional shares of capital stock or other securities convertible into additional shares of capital stock, in the case of a corporation; or\n(2) additional capital or other securities convertible into additional capital, in the case of a person other than a corporation.\n(3) In the case of a corporation, an international financial services entity may issue additional shares of capital stock or other securities convertible into shares of capital stock, and in the case of a person

ase of a corporation, an international financial services entity may issue additional shares of capital stock or other securities convertible into shares of capital stock, and in the case of a person other than a corporation, issue additional capital or other securities convertible into additional capital, without the prior written approval of the Board when such additional shares or capital are issued directly to the shareholders of the international financial services entity previously identified pursuant to section 720(b)(3). In such event, the international financial services entity shall notify the Board of all the particulars of such issuance no later than 10 business days following the date of the issue.