Semo-Micronesia Inc.

Background

State Law 7-62 added a new Chapter 14 entitled "The Visitors Bureau" in conflict with the prior Chapter 14, "Semo-Micronesia, Inc." State Law 7-96 moved the Visitors Bureau provisions to Title 7, Chapter 5.

Section 7.1401. Joint venture agreement.

Pursuant to a joint venture agreement entered into on October 21, 1995, between the Kosrae State Government and Semo Co., Ltd., a Korean company, a joint venture company named Semo-Micronesia, Inc. was established.

Background

Added by State Law 7-8.

Section 7.1402. Nominations to the Board of Directors, terms, compensation.

Pursuant to the Second Amendment to joint venture agreement, Kosrae State makes three nominations to the Board of Directors of Semo-Micronesia, Inc. The Governor makes these nominations to the Board with the advice and consent of the Legislature. Kosrae board members serve a term of four years.

Background

Added by State Law 7-8.

Section 7.1403. Reporting requirements.

The Office of the Governor shall provide to the Kosrae State Legislature a copy of the annual financial statements, the annual report on operations, the annual independent audit report, and the annual budget of Semo-Micronesia, Inc. as described in the joint venture agreement and by-laws of Semo-Micronesia, Inc.

Background

Added by State Law 7-8.

Section 7.1404. Transfer of shares.

The Kosrae State government shall not pledge, sell, transfer, or otherwise encumber or dispose of all or any of its shares in Semo-Micronesia Inc., without the prior approval of the Kosrae State Legislature. The Kosrae State Legislature's approval of such action shall be by resolution.

Background

Added by State Law 7-8.