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There is hereby created a fund to be known as “The Government Insurance Fund” for the purpose of insuring employers against liabilities under this chapter and of assuring to the persons entitled thereto the compensation provided by this chapter. This Fund shall consist of all premiums received and paid into the Fund, of properties and securities acquired by the Fund, ten percent (10%) of all monies collected for traffic violations pursuant to 20 V.I.C., chapter 43, and of interest earned upon monies belonging to the Fund. Such Fund shall be administered by the Commissioner of Finance. The Fund shall be applicable to the payment of losses sustained on account of injuries and to the payment of expenses in the manner provided in this chapter.
The Government Insurance Fund shall be in force and effect from July 1, 1941.