(a) There is established in the Treasury of the Virgin Islands a separate and distinct fund to be designated the Financial Services Fund. The Commissioner of Finance shall provide for the administration of the Fund, and no monies contained therein are available for expenditure except as provided in this section.
(b) The Fund shall consist of all monies collected by the Division of Banking, Insurance and Financial Regulation of the Office of the Lieutenant Governor, pursuant to title 9 Virgin Islands Code, and title 27 Virgin Islands Code, 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 providing staffing and services, purchasing, and maintenance of equipment and for such other utilization as may be determined by the Banking Board of the United States Virgin Islands.
(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, as well as to the Lieutenant Governor and the Banking Board, on the status of the Fund.