
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 48USC1631]

 
              TITLE 48--TERRITORIES AND INSULAR POSSESSIONS
 
                       CHAPTER 12--VIRGIN ISLANDS
 
                    SUBCHAPTER VI--SYSTEM OF ACCOUNTS
 
Sec. 1631. Establishment and maintenance; scope

    The Governor shall establish and maintain systems of accounting and 
internal control designed to provide--
        (a) full disclosure of the financial results of the government's 
    activities;
        (b) adequate financial information needed for the government's 
    management purposes;
        (c) effective control over and accountability for all funds, 
    property, and other assets for which the government is responsible, 
    including appropriate internal audit; and
        (d) reliable accounting results to serve as the basis for 
    preparation and support of the government's request for the approval 
    of the President or his designated representative for the obligation 
    and expenditure of the internal revenue collections as provided in 
    section 26, the Governor's budget request to the legislature, and 
    for controlling the execution of the said budget.

(July 22, 1954, ch. 558, Sec. 18, 68 Stat. 505.)

                       References in Text

    Section 26, referred to in subsec. (d), probably means section 26 of 
S. 3378 (act July 22, 1954, ch. 558, 68 Stat. 497) prior to the 
submission of S. 3378 to the Conference Committee which redesignated 
section 26 as section 28 of S. 3378. Said section 28 was composed of 
subsecs. (a) to (d). Subsecs. (a), (c), and (d) thereof enacted sections 
1642, 1643, and 1644 of this title, respectively. Subsec. (b) thereof 
added subsec. (c) to section 3350 of former Title 26, Internal Revenue 
Code. Reference to section 3350(c) of former Title 26 is deemed a 
reference to section 7652(b)(3) of Title 26, Internal Revenue Code. See 
section 7852(b) of Title 26, Internal Revenue Code, which provides that 
any reference in any other law to a provision of the Internal Revenue 
Code of 1939 be deemed a reference to the corresponding provisions of 
the Internal Revenue Code of 1986.


 Agreement Regarding Financial Accountability and Performance Standards

    Pub. L. 106-84, Sec. 2, Oct. 28, 1999, 113 Stat. 1295, provided 
that:
    ``(a) In General.--The Secretary of the Interior is authorized to 
enter into an agreement with the Governor of the Virgin Islands 
establishing mutually agreed financial accountability and performance 
standards for the fiscal operations of the Government of the Virgin 
Islands.
    ``(b) Transmission to Congress.--Upon ratification of the agreement 
authorized in subsection (a) by both parties, the Secretary shall 
forward a copy of the agreement to the Committee on Resources in the 
House of Representatives and the Committee on Energy and Natural 
Resources in the Senate.''
