(a) There is created within the Economic Development Commission a Virgin Islands Rum Promotion Council (hereinafter referred to as the Council) to be composed of five (5) members appointed by the Governor with the approval of the Legislature, not more than three of whom shall be from one district. Said members shall be chosen on the basis of their training and experience in industry, including the promotional advertising and/or marketing of rum. The terms of Council members shall be three (3) years, except that of the members first appointed, two (2) shall serve terms of two years and three (3) shall serve terms of three years, to be decided by lot. Members may be reappointed to additional terms without limitation. Vacancies on the council shall be filled in the same manner as original appointments, except that the person so appointed shall serve only the remainder of the unexpired term of the member creating the vacancy.
(b) Members of the Council shall select a Chairman from among their number at the first Council meeting, which Chairman shall serve in said capacity for the remainder of his term. The Council shall meet at least monthly, and more often at the request of the Governor, the call of the Chairman or by written request of at least three (3) of its members. Council members shall receive fifty dollars ($50.00) for each day or part thereof spent in the performance of their duties hereunder and, in addition, shall receive all necessary travel expenses incurred thereby.
(c) The powers and duties of the Council shall be as follows:
(1) To act as a policy-making promotional and advisory body with regard to the establishment and operation of rum distilleries in the Virgin Islands, and the advertising and distribution of Virgin Islands rums in the world market.
(2) To maintain close contact with representatives of the Virgin Islands rum producing industry, the Government of the United States Virgin Islands and the national advertising firm.
(3) To compile and maintain current information regarding all aspects of the rum industry, including innovations in the production, advertising and marketing of rum; conducting such market and other research and surveys as may be necessary or desirable to obtain said information.
(4) To submit a report to the Governor and the Legislature, not later than January 15th of each year, pertaining to the state of the Virgin Islands rum industry, the activities of the Council and describing future plans for the promotion of the rum industry. The report shall also contain any requests for legislation designed to aid the Council in discharging its duties and/or serve to further the promotion of Virgin Islands rums.
(5) To perform such other functions and duties within its scope of authority as may be requested by the Governor.