(a) Each individual who is a candidate for public elected office in the United States Virgin Islands may designate a committee as his principal campaign committee; provided, however, that Territorywide candidates may have a principal campaign committee on each island. No committee shall serve as the principal campaign committee of more than one candidate. No principal campaign committee shall support more than one candidate, except that candidates for Governor and Lieutenant Governor may designate their party's Territorial Committee as their principal committee, which committee may also support all other candidates of that party, or a designated committee may support a candidate for Governor and his running mate for Lieutenant Governor only. Occasional, isolated, or incidental support of a candidate who is not the principal candidate of a designated campaign committee is not prohibited by this chapter.
(b) Every political committee shall have a chairman and a treasurer. No contribution and no expenditure shall be accepted or made by or on behalf of a political committee at a time when there is a vacancy in either office. No expenditure shall be made for or on behalf of a political committee without the authorization of its chairman, or its treasurer, or their designated agents.
(c) Every person who receives a contribution of over $100 on behalf of a political committee shall, on demand of the treasurer, but not later than five days after the receipt thereof, render to the treasurer a statement including the amount of the contribution, the identification of the person making such contribution, and the date on which it was received. All funds of a political committee shall be segregated from, and may not be commingled with, any personal funds of officers, members, or associates of such committee, or the personal funds of the candidate. No candidate shall receive contributions or make expenditures not subject to the recordkeeping of the committee.
(d) The treasurer of each political committee shall keep a detailed and exact account of:
(1) all contributions made to or for such committee;
(2) the identification of every person making a contribution, or aggregate contributions of over $100;
(3) all expenditures made by or on behalf of such committee; and
(4) the identification of every person to whom any expenditure is made, the date and amount thereof, and the name and address of and office sought by each candidate on whose behalf such expenditure was made.
(e) The treasurer of each political committee shall obtain and preserve, for such period of time as is determined necessary by the Supervisor, receipts for expenditures made by or on behalf of the political committee over $100, and for any such expenditure in a lesser amount if the aggregate amount of such expenditures to the same person during a calendar year exceeds $100.