There is established in the treasury of the Virgin Islands a special fund to be known as the “Trust Fund for Welfare Purposes”, to be used for assisting needy persons who are unable to meet the eligibility requirements of the programs of the Department of Human Services. Payments shall be made from this fund in the manner and for the purposes established by Rules and Regulations issued by the Commissioner of Human Services and approved by the Governor and the Legislature. Prior to the adoption of such Rules and Regulations, the Commissioner of Human Services shall conduct at least three public hearings, one each on the Islands of St. Thomas, St. Croix and St. John, with prior written notice to (1) all persons who are receiving or who have received any form of public assistance within one year prior to such hearings; and (2) all persons, who within one year prior to such hearings, have applied for and been declared ineligible for any assistance program administered by the Department of Human Services. Into this Fund shall be paid all moneys appropriated by the Legislature of the Virgin Islands for assistance under this section and all moneys from all other sources, including contributions from the Federal government and from other public or private sources made available to the Commissioner for assistance or the administration of assistance under this section. All contributions from private sources shall become public funds upon deposit in the Trust Fund for Welfare Purposes and shall thenceforth be subject to the control of the Commissioner. Into this Fund may also be paid, if so provided in appropriation bills passed by the Legislature, moneys appropriated thereby for the administration of programs. Disbursements from this Fund shall be made as directed by the Commissioner.