(a) The Virgin Islands Board of Tax Review, heretofore established within the Department of Property and Procurement, is transferred to and continued in the Department of Finance.
(b) The Board shall be composed of seven (7) members as follows:
(1) Six (6) members appointed by the Governor with the advice and consent of the Legislature, at least two (2) of whom shall be citizens residing in St. Thomas, at least two (2) of whom shall be citizens residing in St. Croix, and at least one (1) of whom shall be a citizen residing in St. John;
(2) The Commissioner of the Department of Finance who shall be an ex officio member and Chairman of the Board.
(c) All members shall serve for a period of two years, except that any person appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the remainder of such term. Each member shall serve until the appointment and qualification of his successor.
(d) Each member shall receive $50 for each day or part thereof spent in the work of the Board, plus actual travel expenses, but no member shall receive more than $500 in any fiscal year, in addition to actual travel expenses.
(e) Any member may be removed by the Governor for cause.
(f) In addition to the performance of its function prescribed by law, the Board shall perform such duties and functions as the Commissioner of Finance prescribes or as required by Federal law.
(g) All regular meetings of the Board shall be open to the public.
(h) For the purposes of promoting effective management of the Board and the faithful execution of the laws of the Virgin Islands, the Governor shall act expeditiously to submit to the Legislature the appointments of members to fill vacancies in the membership of the Board.
(i) The Board shall prepare and promulgate, in accordance with title 3 Virgin Islands Code, chapter 35, such rules and regulations as may be necessary to implement title 33, Virgin Islands Code, chapter 87.