Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698749045397.pdf (Micronesia, Federated States of)
FIFTEENTH CONGRESS OF THE FEDERATED STATES OF MICRONESIA THIRD REGULAR SESSION, 2008 C.B.

NO.
15-95 A BILL FOR AN ACT To further amend title 40 of the Code of the Federated States of Micronesia, as amended, by amending sections 326 and 327 thereof to make National Student Loans available for courses of study leading to commercial aviation licenses, ratings and certifications and to further amend title 54 of the Code of the Federated States of Micronesia, as amended, by amending section 805 thereof, to provide scholarships for certain aviation related post-secondary programs leading to commercial licenses and certifications, and for other purposes.
BE IT ENACTED BY THE CONGRESS OF THE FEDERATED STATES OF MICRONESIA: 1 Section 1.

Section 326 of title 40 of the Code of the 2 Federated States of Micronesia is hereby amended to read as 3 follows: “Section 326.

Definitions.
Definitions.

As used in this chapter: (1) “Academic year” or its equivalent means the number of credit hours which a student must acquire during any one school year in order to secure the degree or certificate toward which he or she is working in the number of semesters or terms normally taken therefore at the institution where he is pursuing a course of study.

(2) “Chief” means the chief of the Division of Education of the Federated States of Micronesia.
(3) Full-time attendance” means compliance by a full- time student with policies and regulations regarding attendance in effect at the institution in which he or she is enrolled.

(4) “Full-time student” means a student who is CBL 15-101 C.B.

NO.

15-95 carrying a full-time academic work load in terms of course work or other required activities as determined by the institution.

(5) “Fund” means the National Student Loan Revolving Fund.
(6) “Institution of higher education” means an educational institution which: (a) admits as regular students only persons having a certificate of graduation from a school providing secondary education; (b) is legally authorized to provide a program of education beyond secondary education; (c) provides an educational program for which it awards a bachelor’s degree or provides not less than a two-year program which is acceptable for full credit toward such a degree or provides a course of study leading to one or more Federal Aviation Administration (FAA) commercial licenses, ratings or certifications; (d) is a public or other nonprofit institution if a college or university offering credits toward a bachelors degree; and (e) is accredited by a recognized accrediting agency approved by the chief or is an institution whose credits are accepted on transfer by not less than three institutions which are so accredited for credit on the 2 of 6 C.B.
NO.

15-95 same basis as if transferred from an institution so accredited.

(7) “Professional” or “graduate student” means, in general, a student who is enrolled in an academic program of instruction above the college level which is provided at an institution of higher education.
The term includes: (a) that portion of any program involving a period of study beyond four academic years of study at the college level; or (b) any portion of a program leading to: (i) a degree beyond the bachelor’s or first professional degree, or (ii) a first professional degree when at least three years of study at the college level are required for entrance into a program leading to such degree.
(8) “Satisfactory standing” and “good standing” mean the eligibility of a student to continue in attendance at the institution where he or she is enrolled as a student in accordance with the institution’s standards and practices.

Section 2.

Section 327 of title 40 of the Code of the 23 Federated States of Micronesia is hereby amended to read as 24 follows: 25 Section 327.

Eligibility.

3 of 6 C.B.

NO.
15-95 Loans shall be made only to a student who: (1) is a citizen of the Federated States of Micronesia; (2) is in need of the amount of the loan to pursue a course of study on a full-time basis as an undergraduate, graduate, or professional student at an institution of higher education or to pursue an FAA commercial aviation license, rating or certificate through a full-time course of study at an institution of higher education; and (3) has been accepted for enrollment as a full-time student at an institution of higher education or in the case of a student already attending such an institution, is in good standing at such institution and is carrying a full-time academic work load.
Section 3.

Section 805 of title 54 of the Code of the 17 Federated States of Micronesia, as amended by Public Laws Nos.

13- 18 21 and 13-60, is hereby further amended to read as follows: "Section 805.

Distribution of revenues.


(1)(a) The treasurer of the Federated States of Micronesia shall pay eighty percent of the net taxes collected pursuant to section 221(9) of this title and, beginning January 1, 2004 and continuing thereafter, fifty percent of all other net taxes collected pursuant to section 121, 141, and 221 of this title into the 4 of 6 C.B.

NO.

15-95 treasury of the State government to which the taxes are attributable for appropriation by the State legislature.
(b) Twenty five percent of the amount remaining, after the transfer of funds pursuant to subsection 1(a) of this section, of the net taxes collected pursuant to subsection 221(1) of this title shall be placed in an account to be used solely for post-graduate school scholarships or full-time post-secondary courses of study leading to commercial Federal Aviation Administration (FAA) licenses, ratings and certifications.
The allottee of the scholarship funds shall be the President of the Federated States of Micronesia or his designee; (c) Except as specifically provided in parts (a) and (b) of this subsection, all net taxes collected shall be part of the General Fund of the Federated States of Micronesia, subject to appropriation by Congress pursuant to title 55 of the Code of the Federated States of Micronesia.
(2) 'Net taxes' as used in subsection (1) of this section means gross collections of taxes, penalties, interest, or other related charges less refunds."

Section 4.

This act shall become law upon approval by the President of the Federated States of Micronesia or upon its 5 of 6 C.B.

NO.

15-95 1 becoming law without such approval.


2 3 Date: 2/06/08 Introduced by: /s/ Isaac V. Figir Isaac V. Figir of 6