Federated States of Micronesia National Fishing Corporation Act of 1983.

The purpose of this Chapter is to establish a public corporation to promote the development of pelagic fisheries and related industries within the extended fishery zone, as defined under 18 FSMC 104, for the benefit of the people of the Federated States of Micronesia. Subject to any existing limitation or limitations hereafter enacted, the Corporation, through its officers and agents, is authorized to engage in all commercial activities which will further the development of the fishing and fisheries industry in the Federated States of Micronesia. The affairs of the Corporation shall be managed and its corporate powers exercised by a Board of Directors.