Section 1. Short Title

This act may be cited as the “Federated States of Micronesia National Fisheries Corporation Act of 1983.”

Section 2. Purpose

The purpose of this act is to create a public corporation to promote the development of pelagic fisheries and related industries for the benefit of the people of the Federated States of Micronesia.

Section 3. Establishment of the Corporation

The National Fisheries Corporation of the Federated States of Micronesia, hereinafter referred to as the “Corporation”, is hereby established as a public corporation under the laws of the Federated States of Micronesia.

Section 4. Charter
  1. The charter of the Corporation shall be as prescribed in this section and sections 5 through 7 of this act.
  2. The existence of the Corporation shall be perpetual.