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(a) There is created and established in the Treasury of the Virgin Islands a special fund to be designated the Employment Development Fund. The Commissioner of Finance shall maintain and provide for the administration of said Fund as a separate and distinct fund in the Treasury, and no fund shall be available for expenditure except as provided by this chapter or other applicable law.\n(b) All monies from whatever source to be used for the purposes of this chapter, except that for administrative purposes of the Administration shall be deposited in the Fund. Monies may be disbursed by the Commissioner of Finance at the discretion of the Administrator with the approval of the Governor.