(a) There is hereby established within the Department of Sports, Parks and Recreation the Boxing Commission (hereinafter referred to as the Commission). Such Commission shall be composed of seven (7) members, one of whom shall be the Commissioner of Sports, Parks and Recreation or his designated representative, who shall act as secretary thereof, three of whom shall be residents of the District of St. Croix and three of whom shall be residents of the District of St. Thomas-St. John. With the exception of the secretary, members shall be appointed by the Governor with the advice and consent of the Legislature. The terms of appointed members of the Commission shall be three years, except that any person appointed to fill a vacancy occurring prior to the expiration of the term to which his predecessor was appointed shall be appointed for the remainder of such term only. Each member shall serve until the appointment and qualification of his successor. Any member may be removed by the Governor for cause.
(b) Members of the Commission who are also government employees shall receive no additional compensation by reason of their commission membership. However, such members shall receive travel and other necessary expenses incurred in attending Commission meetings. Commission members who are not government employees shall receive $50.00 for each day or part thereof expended in performing the work of the Commission and, in addition, shall receive travel and other necessary expenses incurred thereby.
(c) The Commission shall meet at the call of the chairman or pursuant to rules and regulations which may be promulgated by the Commission pursuant to law.
(d) The Commission shall have under its jurisdiction and is hereby empowered to establish, organize, direct, supervise, regulate, and control all professional boxing and wrestling in the Territory of the Virgin Islands. Professional boxing and wrestling shall be considered to be all boxing and wrestling in which the participants, or any of them, are to receive pay or compensation for their services, as may be determined pursuant to the rules and regulations of the Commission. Every stadium, club, ball park, court, or other structure for the holding of professional boxing or wrestling competitions, shall be provided with a license in accordance with the provisions of this Code. The Commission shall not have any jurisdiction over amateur boxing or wrestling activities or participants, and all such amateur boxing and wrestling activities and participants shall be exempt from the provisions of this chapter.
(e) The Commission shall have the following functions, powers and duties:
(1) To prepare comprehensive boxing and wrestling, judo, karate and other martial arts programs;
(2) To grant, suspend or revoke licenses, franchises and permits;
(3) To promulgate such rules and regulations as may be necessary to the proper performance of its other functions, powers and duties;
(4) To investigate, on its own motion or as a result of complaints filed with it, possible or alleged violations of the law or rules and regulations pertaining to matters under its jurisdiction, and impose such sanctions as are authorized by rule or regulation;
(5) To periodically prepare boxing and wrestling calendars for distribution to the public, setting forth all announced boxing and wrestling contests in the Virgin Islands;
(6) To be responsible for the expenditure of funds entrusted to it pursuant to legislative appropriation;
(7) To arrange for and apply for membership or affiliation with the World Boxing Council to the extent made possible by appropriations therefor;
(8) To investigate the record of each fighter or wrestler prior to approving the boxing match or exhibition;
(9) To require that the type of equipment used in the respective boxing or wrestling sports meets minimum standards;
(10) To require that every participant in a boxing or wrestling match be covered by life insurance; and
(11) To perform such other functions as may be required by law.