Editor’s note: PL 13-54 does not contain a section explicitly adding a new subchapter XI entitled Medical Licensing Revolving Fund; however, PL 13-54 §§ 1 to 5 imply by reference a subchapter XI. This assignment of subchapter numbers, however, conflicts with PL 12-17 §§ 9 to 16, which created sections 667-673 of a subchapter X of chapter 6. PL 12-17 does not address the existing subchapter X of chapter 6, entitled ADB Water Loan Fund, which was added by PL 9-135 §§ 6 to 11 as subchapter IX and renumbered by PL 10-152 § 7 as subchapter X. This subchapter has therefore been redesignated as subchapter XII and new sections 666 to 670 have been renumbered as sections 674 to 678, respectively.
There is created and established the “Medical Licensing Revolving Fund”, referred to in this subchapter as the “Fund”, separate from the General Fund of the Federated States of Micronesia and all other funds.
The purpose of the Fund is to establish an ongoing revolving fund to allow appropriations for and revenues from the operation of the “Medical Licensing Board”.
All future appropriations for the operation of the “Medical Licensing Board”, shall be deposited in the Fund. Any unexpended moneys in this Fund shall not revert to the General Fund nor lapse at the end of the fiscal year.
The Fund shall be administered by the President of the Federated States of Micronesia or his designee, who shall establish regulations and procedures necessary and appropriate for the effectuation and implementation of the provisions of this subchapter, pursuant to chapter 1 of title 17 of this Code.
Source: PL 13-54 § 4.
Cross-reference: The statutory provisions on the President and the Executive are found in title 2 of this code. Chapter 1 of title 17 of this code is on Administrative Procedure.
The President or his designee shall report to the Congress of the Federated States of Micronesia on the status of the Fund at the close of each fiscal year.
Source: PL 13-54 § 5.
Cross-reference: The statutory provisions on the President and the Executive are found in title 2 of this code. The statutory provisions on the FSM Congress are found in title 3 of this code.