(a) Subject to rules and regulations promulgated pursuant to section 1515 of this title, any member or officer of the National Guard of the Virgin Islands who has completed an initial period of enlistment in the National Guard of the Virgin Islands and who Guard of the Virgin Islands and who re-enlists or voluntarily extends his enlistment for a period of at least three years shall be entitled to a bonus of $100.
(b) No member or officer shall be paid more than one bonus under this section.
(c) A member or officer who voluntarily, or because of misconduct, does not complete the term of enlistment for which a bonus was paid under this section shall refund that percentage of the bonus that the unexpired part of his ordered additional obligated service is to the total re-enlistment or extension period for which the bonus was paid.
(d) Bonus payments authorized by this section may be paid in either a lump sum or in installments, as determined by the Adjutant General.
(e) The Adjutant General shall submit a report no later than March 15th of each year, to the Legislature of the Virgin Islands regarding the operation of the bonus payments authorized by this section. The report shall state the number of members or officers of the National Guard of the Virgin Islands who at the time of the report are serving a term of enlistment for which a bonus has been or is being paid under this section, the total amount expended during the year preceding the report for bonus payments under this section, and such other data necessary to monitor the effectiveness of the bonuses authorized by this section and to determine the necessity for continuance of said bonuses.