Editor’s note: Section 3 of PL 15-8 enacted a new chapter 2 of title 27 entitled Federated States of Micronesia Petroleum Corporation Act of 2007. While section 3 of PL 15-8 did not create subchapters for this chapter the numbering of the sections indicated an intent to have the chapter subdivided into subchapters. This has been done for easier reference and to comport with standard code format.
This chapter may be cited as the “Federated States of Micronesia Petroleum Corporation Act of 2007”.
Source: PL 15-8 § 4.
Editor’s note: The Federated States of Micronesia Petroleum Corporation Act of 2007, contained in PL 15-8, was signed into law on September 11, 2007, by President Emmanuel “Manny” Mori.
For the purposes of this chapter and subsequent regulations, the following definitions shall apply unless the context otherwise requires:
(1) “Board” means the Board of Directors appointed under section 213 of this chapter;
(2) “CEO” means the Chief Executive Officer appointed under section 231 of this chapter;
(3) “Chairperson” means the Chairperson of the Board;
(4) “Congress” means the Congress of the Federated States of Micronesia;
(5) “Corporation” means the Federated States of Micronesia Petroleum Corporation;
(6) “Executive Council” means the President of the Federated States of Micronesia and the Governor of each State. As used herein, consent, approval or instruction of the Executive Council shall mean such consent, approval or instruction taken with the unanimous consent of the President and each Governor. For the avoidance of doubt, a written resolution of the Federated States of Micronesia Economic Policy Implementation Council, duly signed by the President and each Governor, shall constitute such an instruction notwithstanding the fact that it is also executed by other officials;
(7) “FSM” means the Federated States of Micronesia;
(8) “Officer” includes any employee of the Corporation vested with a power or duty in accordance with this chapter;
(9) “Premises” means any piece of land and if there are buildings of any sort erected on that land, includes those buildings, and also includes a ship or other vessel;
(10) “Product” or “Products” means petroleum products including automotive and industrial diesel fuels, gasoline, unleaded petrol, kerosene, Jet A1, lubricants and any other petroleum or alternative fuel products that may now be available or that may become available in the future;
(11) “Secretary” means the Secretary of Finance and Administration of the Federated States of Micronesia;
(12) “State” means a State of the Federated States of Micronesia;
(13) “Works” or “Works of the Corporation” includes the whole of the petroleum storage and dispensing systems and associated works owned, controlled or managed by the Corporation for any purpose associated with its functions under this chapter.
Source: PL 15-8 § 5.
Cross-reference: The statutory provisions on the President and the Executive are found in title 2 of this code.