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The System shall submit to the Legislature and to the Governor of the Virgin Islands, as soon as practicable after the close of each fiscal year of the Government of the Virgin Islands (1) a financial statement and complete report of the business of the System for the preceding fiscal year, and (2) a complete report on the status and progress of all of its facilities and activities since the creation of the System or the date of its last such report. The System shall also submit to the Legislature and to the Governor, at such other times as either may require, official reports of its business and activities under this chapter.