(a) There is hereby established in the Treasury of the Virgin Islands a separate and distinct fund to be designated the Corporation Division Revolving Fund. The Commissioner of Finance is authorized and directed to provide for the administration of the Fund and no monies contained therein shall be available for expenditure except as provided in this section.
(b) The Fund shall consist of ten percent of the total monies collected by the Division of Corporations of the Office of the Lieutenant Governor, including ten percent of all fines and penalties, and such sums as may be appropriated from time to time by the Legislature, all of which shall remain available until expended.
(c) Monies shall be disbursed from the Fund by the Commissioner of Finance, upon authorization and direction of the Lieutenant Governor, for the purpose of purchasing and maintaining microfilm and data processing equipment, and purchase of related supplies and equipment, for staffing, and for such other necessary equipment and services as may be determined by the Lieutenant Governor.
(d) The Commissioner of Finance shall maintain a record of all monies deposited into and disbursed from the Fund and shall annually report to the Governor and the Legislature on the status of the Fund.