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FSM Congress passes new corporation measure, overrides 2 vetoes
5:55 pm GMT+12, 09/08/2017, Micronesia, Federated States of

The 20th Congress of the Federated States of Micronesia convened its first special session and rewrote a new corporation law for the nation, overrode two presidential vetoes and addressed various pending issues.
 
The FSM Congress overrode the presidential veto of Congressional Act 20-16 pertaining to assets and liabilities of the Open Access Entity. Passed in May, the Act required the Open Access Entity to provide connectivity free of charge to the FSM Telecom. Following careful review, the Committee on Transportation and Communications concluded that the president’s veto was based purely on a policy decision and overrode the action.
 
Another presidential veto was of C.A. 20-14 which places a statutory limit on members’ representation funds to be relative to the annual salary of the nation’s president. Following careful review of the veto message, the Committee on Ways and means concluded that the president’s veto was based purely on a policy decision and overrode the action.
 
A substantial measure passed during the special session is the Corporate Act of 2017 or C.A. 20-32. The original legislation was enacted during the Trust Territory era in Micronesia. The new Corporation Act repealed chapter one of Title 36 of the FSM Code to align the provisions of the code with contemporary practices of corporate laws by addressing deficiencies in the current law, providing protection and reassurance to investors, according proper rights and privileges to shareholders, and promoting safe and prudent corporate practices.
 
Also passed was C.A. 20-34, to appropriate a supplemental budget of $9,735,140.
 
The next regular session of the Congress starts on Sept. 12 unless delayed by resolution or consensus of the majority, and it will be for a 20-day period.


SOURCE: MARIANAS VARIETY/PACNEWS
 


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