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Banking Commissioner Appointed

PALIKIR, Pohnpei (FSM Information Service): April 7, 1997 - The Acting President of the Federated States of Micronesia, Jacob Nena, appointed Wilson F. Waguk from the State of Kosrae as the FSM Banking Commissioner, in compliance with Public Law No. 9-130 which amended Title 29 of the Code of the Federated States of Micronesia, according to a March 24, 1997 letter to Chairman of the FSM Banking Board, Yosuo Phillip.

Waguk's appointment is retroactive to January 22, 1997, the effective date of the new law and will remain in effect until revoked by the President or until the position becomes vacant by virtue of resignation or death of the appointee.

Acting President Nena stated that the new Banking Commissioner will perform all the duties and exercise all the powers conferred upon the Banking Commissioner by legislation. Such powers and duties were formerly exercised by the Chairman of the Board.

The Acting President requested Chairman Phillip to acknowledge receipt of his letter by signing and returning a duplicate copy of the referenced letter.