There is established in the Treasury of the Virgin Islands a special account to be known as the “Industrial Promotion Fund” (hereinafter, the “Fund”). The Fund shall contain all appropriations made by the Legislature to the Fund for promotional activities and other purposes, and all monies deposited therein, pursuant to section 705 of this subchapter shall remain available until expended. Expenditures from the Fund shall be made in accordance with law. The Director shall be the certifying officer for the Fund.