Bill proposed to amend Foreign Investment Board Act

By Francis Talasasa, Reporter

 A bill for an act was brought up at the ninth Olbiil Era Kelulau, to amend 28 PNC chapter 1 to update the existing framework for foreign investment in the Republic of Palau and for other related purposes.

[restrict]

According to a report, it states, House Bill no. 9-6-1, HDI, SD2, PDI was referred back to the Olbiil Era Kelulau by the President and taken up by the Olbiil Era Kelulau which referred to the committee for review and report. The purpose of this Bill is to reform the foreign investment statutes in order to identify front businesses and enforce violations of foreign investment law.

The committee has thoroughly reviewed and discussed the bill and operates pursuant to the directions and limitations created by 40 PNC 407, stating any bill referred to the OEK with recommendations for amendment may be re-passed by a majority vote upon one reading in each house of the OEK and returned to the president. [/restrict]