(a) Every nonprofit benefit society shall furnish for every officer, agent or person having custody of the principal funds of the association, a good and sufficient fidelity bond for the benefit of the association and its members, and file the same with the Commissioner who is hereby authorized to receive and approve the same as to form and sufficiency and to issue a certificate to such effect, or to reject the same if in his opinion such bond is not good or sufficient. The bonds shall each be in such reasonable sum, not exceeding $10,000, as the Commissioner may fix, and conditioned that such officer, agent or person shall faithfully account for and pay over the funds so received into his custody, in the manner provided by the articles of incorporation or association, or the bylaws of the society.
(b) It shall be unlawful for any nonprofit mutual benefit society to do business within the Virgin Islands without first filing with the Commissioner such bond or bonds. Every such association violating the provisions of this section shall be fined not more than $500.