Source: http://fsmlaw.org/fsm/code/code2014/FSMCode2014Tit20Chap12.html
Timestamp: 2018-01-24 11:37:28
Document Index: 627734554

Matched Legal Cases: ['§ 1202', '§ 1203', '§ 1204', '§ 1205', '§ 1206', '§ 1207', '§ 1208', '§ 1209', '§ 1210', '§ 1211', '§ 1212', '§ 1213', '§ 1214', '§ 1215', '§ 1216', '§ 1217', '§ 1218', '§ 1219', '§ 1220', '§ 1221', '§ 1222', '§ 1223', '§ 1224', '§ 1225', '§ 1', '§ 2', '§ 3', '§ 4', '§ 5', '§ 6', '§ 7', '§ 1', '§ 8', '§ 1', '§ 9', '§ 10', '§ 11', '§ 12', '§ 13', '§ 14', '§ 15', '§ 16', '§ 17', '§ 18', '§ 19', '§ 20', '§ 21', '§ 22', '§ 23', '§ 24', '§ 25']

FSMCode2014Tit20Chap12
FSM Airline Corporation
§ 1202. Establishment of Corporation.
§ 1203. Powers and responsibilities of the Corporation.
§ 1204. Legal capacity of the Corporation.
§ 1205. Debts and obligations of the Corporation.
§ 1206. Tax liability.
§ 1207. Board of Directors—Establishment.
§ 1208. Board of Directors—Composition.
§ 1209. Board of Directors—Organizational meeting.
§ 1210. Board of Directors—Terms of office.
§ 1211. Board of Directors—Vacancies.
§ 1212. Board of Directors—Removal.
§ 1213. Board of Directors—Officers.
§ 1214. Board of Directors—Regular meetings.
§ 1215. Board of Directors—Special meetings.
§ 1216. Board of Directors—Quorum.
§ 1217. Board of Directors—Executive committee—Establishment; Meetings.
§ 1218. Board of Directors—Executive committee—Powers.
§ 1219. Board of Directors—Record of meetings.
§ 1220. Board of Directors—Compensation of directors.
§ 1221. Management.
§ 1222. Budget and finance officer.
§ 1223. Budget preparation.
§ 1224. Supplemental budget requests.
§ 1225. Accounts and records.
This chapter may be cited as the "Federated States of Micronesia Airline Corporation Act of 1987."
Source: PL 4-101 § 1.
Editor’s note: The title of this chapter has been shortened by replacing “Federated States of Micronesia” with “FSM”.
The Federated States of Micronesia Airline Corporation is hereby established as a public corporation under the laws of the Federated States of Micronesia. It may be hereinafter referred to as the "the Corporation."
Source: PL 4-101 § 2.
(1) to be the flag carrier of the Federated States of Micronesia, providing air transportation services throughout the Nation;
(2) to contract with domestic and foreign persons and corporations for the provisions of aircraft and services;
(3) to operate international and domestic air transportation services;
(4) to train citizens as pilots and for other related professions;
(5) to act as a "Freely Associated State Air Carrier" within the meaning of the Federal Program and Services Agreement concluded pursuant to the Compact of Free Association;
(6) to engage in support activities; including, but not limited to, freight terminal and delivery activities and passenger services; and
(7) to enter into joint ventures with other entities in order to effectuate its operations.
Source: PL 4-101 § 3.
In performing the functions authorized by this chapter or other law of the Federated States of Micronesia, the Corporation shall have the capacity to exercise all powers normally exercised by a corporation, including, but not limited to, the following:
(5) to acquire and take over in any lawful manner the business, property, assets, and liabilities of any entity;
(6) to borrow or raise any sum or sums of money and to issue corporate bonds on such security and upon such terms as may from time to time be deemed necessary for the expansion and improvement of air transportation services;
Source: PL 4-101 § 4.
Unless otherwise provided by law, the debts and obligations of the Corporation shall not be debts or obligations of the Government of the Federated States of Micronesia, nor shall the Government of the Federated States of Micronesia be responsible for any debts or obligations.
Source: PL 4-101 § 5.
The Corporation shall exist and operate solely for the benefit of the public and shall be exempt from any taxes or assessments on any of its property, operations, or activities. Nothing in this chapter shall be deemed to exempt employees and independent contractors of the Corporation from tax liability for services rendered to the Corporation; and the Corporation shall be liable for employers' contributions to the Social Security System of the Federated States of Micronesia in the manner provided by law.
Source: PL 4-101 § 6.
The affairs of the Corporation shall be managed and its corporate powers exercised by a Board of Directors, hereinafter referred as the "Board."
Source: PL 4-101 § 7; PL 5-25 § 1.
The Board shall be composed of five members. Five members shall be appointed by the President of the Federated States of Micronesia with the advice and consent of the Congress.
Source: PL 4-101 § 8; PL 8-108 § 1.
(1) Within 60 days of the confirmation of all members of the Board, as set forth in section 208 of this chapter, and annually thereafter on such dates as are set by the Board, the Board shall meet to select its officers and to conduct such other business as it shall deem advisable.
(2) At the first such meeting, the appointed members of the Board shall determine by lot of the length of their initial terms, with two members serving initial terms of one year, two serving initial terms of two years, and two serving initial terms of three years.
Source: PL 4-101 § 9, modified.
Terms of office shall be for a period of three years, except that the initial terms of office and the filling of vacancies shall be as provided by this chapter. The terms of office shall commence on the date of the organizational meeting of the Board.
Source: PL 4-101 § 10.
(1) Each vacancy on the Board shall be filled for the unexpired portion of the term in the same manner as originally filled. Upon determination that a vacancy exists, the chairman or, in his absence, the presiding officer of the Board shall issue a notice of vacancy to all members of the Board and the parties responsible for filling the vacancy.
(2) Any vacancy occasioned by failure to make a nomination to the Congress or a State legislature prior to the expiration of the previous term, or by failure to submit a nomination within 60 days of receipt of notice that a vacancy exists, or within ten days of receipt of notice of rejection of a nomination, shall be filled by nomination of the Speaker of the Congress or the Speaker of the State legislature, subject to advice and consent of the Congress or the legislature or an authorized committee thereof. The nomination of the President or the Governor shall be entitled to consideration if such nomination is made prior to that of the Speaker.
Source: PL 4-101 § 11, modified.
(2) A member may be removed by a majority vote of all other members of the Board for neglect of duty or malfeasance in office. Notification of intent to call for removal pursuant to this subsection shall be made at least 30 days in advance, by means which shall be described in the bylaws of the Corporation, and shall include a summary of the basis of the charges against the member and identification of the witness to be called and evidence to be used.
Source: PL 4-101 § 12, modified.
Source: PL 4-101 § 13.
Regular meetings shall be held not less than once per calendar quarter, at such times and place or places as shall be determined in the bylaws.
Source: PL 4-101 § 14.
Special meetings shall be called by the chairman on his own initiative, or by petition of two of the members, pursuant to notice as shall be provided by the bylaws.
Source: PL 4-101 § 15.
A quorum of all regular business of the Board shall be four members.
Source: PL 4-101 § 16.
Source: PL 4-101 § 17.
Source: PL 4-101 § 18.
Source: PL 4-101 § 19.
Directors who are employees or officials of the National Government or a State government of the Federated States of Micronesia shall receive no additional compensation for their service as members of the Board. The compensation of members who are not Government employees or officials shall be determined by the Board. All members of the Board shall be entitled to compensation for travel and per diem at established Federated States of Micronesia Government rates when serving the Corporation.
Source: PL 4-101 § 20.
There shall be a chief executive officer of the Corporation, whose compensation, title, and term of office shall be determined by the Board. The chief executive officer shall be responsible for the management of the operations of the Corporation, and shall, in accordance with the policies established by the Board, retain, direct, and terminate the services of employees. Subject to the Board's approval, in the event that the chief executive officer is not a citizen of the Federated States of Micronesia, the chief executive officer shall select and train a citizen of the Federated States of Micronesia to take over the responsibilities of the chief executive officer as soon as feasible.
Source: PL 4-101 § 21.
The chief executive officer shall appoint, with the concurrence of the Board, a budget and finance officer, for such term as shall be provided in the bylaws of the Corporation. The budget and finance officer shall receive and disburse all funds of the Corporation. The Board may require that the budget and finance officer shall execute, at the expense of the Corporation, a good and sufficient bond with sureties authorized to do business in the Federated States of Micronesia. The budget and finance officer shall serve at all times under the direct supervision of the chief executive officer.
Source: PL 4-101 § 22.
Source: PL 4-101 § 23.
To the extent that the Corporation deems it necessary and advisable, the Corporation is authorized to seek appropriations from the Congress of the Federated States of Micronesia, and, to the extent approved by the President of the Federated States of Micronesia, grants from sources outside of the Federated States of Micronesia, of such funds as are necessary to supplement revenues to provide for the operations, maintenance, and expansion of the air transportation system of the Corporation.
Source: PL 4-101 § 24.
(1) The Board and the chief executive officer shall be jointly responsible to ensure that the budget and finance officer establishes and maintains a complete set of accounting records consistent with generally accepted accounting principles pertinent to the nature of the Corporation and its operations.
(2) The Board, not later than 90 days after the close of each governmental fiscal year, shall submit to the President, the Congress, and the Governor and legislature of each State a complete report, including financial statements, prepared in accordance with generally accepted accounting principles and standards, showing the activities of the Corporation during the fiscal year, the present condition of the Corporation, and such other matters as the Board shall deem appropriate. Financial statements shall include at least a balance sheet, income statement, statement of changes in financial position, and statement of changes in capital.
(3) The financial statements of the Corporation shall be audited no less frequently than annually by either the Public Auditor or a certified public accountant selected by the Board of Directors.
Source: PL 4-101 § 25.