(a) There is established in the Treasury of the Virgin Islands a special fund to be designated and known as the “Virgin Islands National Guard Fund.” The Commissioner of Finance shall maintain and provide for the administration of the Fund as a separate and distinct fund in the Treasury of the Virgin Islands, and no monies shall be available for expenditure or disbursement except as provided in this section.
(b) The Fund shall consist of all sums appropriated thereto from time to time by the Legislature, all interest earned upon any money in the Fund, and all gifts or contributions as may be made to the Fund.
(c) Portions of the Fund, as are not needed for current obligations plus a reasonable reserve, and any income from the Fund shall be invested and reinvested by the Commissioner of Finance.
(d) Monies shall be disbursed from the Virgin Islands National Guard Fund by the Commissioner of Finance, upon authorization of the Adjutant General, for the payment of retirement pensions and re-enlistment bonuses, as provided for in sections 1556 and 1557 respectively of Title 23 of this Code; Provided, however, That no disbursements for retirement pensions or re-enlistment bonuses will be made except upon prescribed pay vouchers certified to by the Adjutant General.
(e) The Commissioner of Finance shall maintain, within the Fund, separate accounts for monies deposited into and disbursed from the Fund for the purpose of paying retirement pensions and re-enlistment bonuses, as provided for in sections 1556 and 1557 respectively of Title 23 of this Code and shall annually report to the Governor and the Legislature on the status of the Fund.