FSM Coconut Development Authority's functions now repose under FSM PetroCorp

FSMIS (June 30, 2014): On June 16, Federated States of Micronesia President Manny Mori signed into law a bill that dissolves the FSM Coconut Development Authority (CDA) and reposes the CDA's responsibilities under the FSM Petroleum Corporation.

 

In a brief signing message to Congress, President Mori emphasized, "...the intention of the Act is dissolve the FSM Coconut Development Authority and assign its essential function and responsibility to the FSM Petroleum Corporation. The FSM Petroleum Corporation will assume the assets of the dissolved government agency and utilize the assets to develop the coconut industry".

 

The President expressed appreciation to Congress for its "favorable action" in passing the bill.

 

By request of the Executive, the bill was introduced by Floor Leader Singkoro Harper on September 16, 2013.