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The officers and agencies of the Virgin Islands having authority to place children are hereby empowered to enter into agreements with appropriate officers or agencies of or in other party states pursuant to paragraph (b) of Article V of the Interstate Compact on the Placement of Children. Any such agreement which contains a financial commitment or imposes a financial obligation on the Government of the Virgin Islands shall not be binding unless it has the approval in writing of the Governor, the Director of the Office of Management and Budget, the Attorney General and the Commissioner of Property and Procurement.