There is established as a public body corporate and politic, to serve as a governmental subdivision and instrumentality of the United States Virgin Islands and to perform the functions conferred upon it in sections 41–49 of this title, the Virgin Islands Conservation District. The boundaries of the district shall coincide with the legal boundaries of the territory of the United States Virgin Islands, and all lands lying within the boundaries of the territory of the United States Virgin Islands are recognized as lying within the boundaries of the district and entitled to the privilege of participating in the district program for the conservation and development of soil, water, and related resources and proper land use.