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There is hereby created and established in the Treasury of the Virgin Islands a special revolving fund to be known as the Boxing and Wrestling Fund. The Commissioner of Finance shall maintain and provide for the administration of said Fund as a separate and distinct fund in the treasury and no monies shall be available for expenditure except upon authorization of the Boxing and Wrestling Commission to promote the purposes of said Commission.
The Fund shall consist of all monies collected from fines resulting from violations of the rules and regulations of the Commission, or violations of chapter 9 of Title 32, Virgin Islands Code, all fees collected for the issuance of licenses, and fees collected from any other source by the Boxing and Wrestling Commission.