(a) For the purpose of establishing, maintaining and supervising the collection and exhibition of fine arts and objects and such relics, documents, paintings, artifacts and other historical and related materials as will evidence and illustrate the history of the West Indies and the culture of its inhabitants, particularly of the United States Virgin Islands, there is established, within the Department of Planning and Natural Resources, the Virgin Islands Museum of Fine Arts (hereinafter referred to as the “Museum”), which shall constitute a nonprofit instrumentality of the Government of the United States Virgin Islands.
(b) Subject to the supervision and control of the Commissioner of Planning and Natural Resources, the Museum is authorized to perform the following functions:
(1) To acquire by purchase, lease, gift, loan or otherwise, and to hold, manage and administer all such property, real or personal, as it deems necessary to carry out its purposes;
(2) To accept from the federal government, or any other government, organization, body or agency, public or private, services, equipment, supplies, materials or funds by way of gift, loan or grant; provided that all funds thus acquired by the Museum shall be used for the purpose of this section and no other;
(3) To adopt, amend and repeal bylaws;
(4) To make contracts as herein authorized, and to sue and be sued in its name;
(5) To hire and discharge employees as may be necessary to carry out its activities;
(6) To carry on such construction and maintenance work as it may deem necessary in connection with its purposes; and
(7) To adopt and issue such rules and regulations, not inconsistent with the provisions of this title, as may be necessary for the operation and maintenance of the Museum, and for the conduct of visitors, patrons and the general public.