YSC, Title 13.  Taxation & Finance
 
 
 
Chapter 14:  Pacific
Islands Development Bank

1401.   Purpose.
1402.   Definitions.
1403.   Membership.
1404.   Powers of the Governor.
1405.   Audit.

      1401.  Purpose.
     The purpose of this chapter is to authorize the State of Yap to become a member of and to participate in the Pacific Islands Development Bank.

           Source:  YSL 4-93 1 (Section 1401), modified.

     1402.  Definitions.
     For the purposes of this chapter, unless it is otherwise provided or the context requires a different construction, application or meaning:

    (a)  "Pacific Islands Development Bank" means the Bank established by the Articles of Agreement as approved by the Association of Pacific Island Legislatures on July 5, 1989.

   (b)  "Bank" means the Pacific Islands Development Bank.

   (c)  "State" means the State of Yap.

           Source:  YSL 4-93 1 (Section 1402), modified.

     1403.  Membership.
     The Governor is hereby authorized to affirm the membership of the State in the Pacific Islands Development Bank.

           Source:  YSL 4-93 1 (Section 1403), modified.

     1404.  Powers of the Governor.
     The Governor or his designee is hereby authorized, except as may be prohibited or otherwise restricted by State laws or other laws applicable to the State, to do the following:

   (a)  Execute all documents necessary for the State's membership in the Bank.

   (b)  Deposit with the Bank any and all instruments which are deemed necessary for the acceptance or ratification of the State's membership in the Bank.

            Source:  YSL 4-93 1 (Section 1404), modified.

            Cross-reference:  The statutory provisions on the Executive Branch are found in Title 3 of this Code.

     1405.  Audit.
     The Governor shall insure that the Bank will submit a copy of its annual audit report to the Governor, the Speaker of the Yap State Legislature, and the Board of Directors of Yap Investment Trust.

           Source:  YSL 4-93 1 (Section 1405), modified
                                                                                                                                                                                                                                                                                                           
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