There is hereby created and established the Supply Stock Revolving Fund, hereinafter referred to 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 permit the Division of Supply to maintain a stock of items commonly purchased by the Government which can then be requisitioned by various Government agencies.
All future appropriations for the Fund as well as revenues received from the transfer of goods purchased with money from the Fund shall be deposited in the Fund. Any unexpended monies 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 4-74 § 4.
Cross-reference: The statutory provisions on the President and the Executive are found in title 2 of this code. The provisions of chapter 1 of title 17 of this code are on FSM Administrative Procedures.
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. Such report shall include an audited income statement, balance sheet and inventory of goods in stock.
Source: PL 4-74 § 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.