SE Me anod Bp. vials of the Code delineate aent ownership of all marine te gh the ordinary high water » qth the following exceptions: (b) Fix all prices to be paid: to producers or sellers within the Tern- Boga) Customary rights are recogBere ca pint weirs oF traps when they Usury, as commonly known, is yao! mterfere with established or agents as may be necessary to perform any and all authorized functions EQUALITY PRIVATE INDEBTEDNESS 3 of the Trusteeship ministering Author- irements of security ) promote the ad- ibitants, accords to es, and associations tment in the Terriable than that acIs. cOmpanies, and other national ex- generally a problem. fe4!* foul. > 0! suler travel. There instances, however, of interest rates Private loans between individual (>) ; Customary fights are recog- high as 10% a month. Credit unigfhise ior owners of abutting land to by making it easy for members Jehu? ownership of all materials de- borrow moneyfor useful purposes gppesiicd an the shore or beach, except reasonable interest rate, have redugesor -tranded or wrecked vessels, as well this problem considerably. tiiing ughts in waters not more han Eteet deep over reefs. ing Authority, fc) [he owner of abutting land 4Bmay sill in, erect, and otherwise con- "Btrol the use of material in areas below SECTION 4: ECONOMIC RESOURCES. *|Hinficient rights of the Government as i Fthe teh water mark. f = if at 7 ACTIVITIES, AnD Ihe above exceptions are in force provided they do not conflict with the SERUILCE Tthe owner of all marine areas below + Ethe tush water mark. ¢ Co Legislative provisions have bes F Export made for plant and animal ym has by law f land to citizens restriction, how' Or impair the t of noncitizens sees, in lands in y such persons 3, 1941. Under lands may be of the Territory ses if the pro. promises direct le people of the we ee deloe secede El oT dio ieMl quaran ting to prevent import and spread of hang } Dunne the year, the principal comful pests throughout the Terr ito Controls on clearing land by burni Prmeditics marketed by Territory pros Pdticcry: were copra, scrap metal, and have been established. Harvesti ng q Phandicralt, trochus may berestricted to q Seascme May through December, at the discri lF Copra, marketed by a Trust Territion of the district administrator, Flory incorporated company which is trochus shell less than three inches; diameter at the base is to be take P60) owned by Micronesians and under n Replanting of trochus beds is auth PContiact to the Copra Stabilization og j Bosd. is the onty commodity on ized. Fishing with dynamite, grenades, or any other form ofhang e Which buying prices are controlled. Plosive, except for specific authorize Pslablished in 1952, the Copra scientific Purposes, is prohibitet B Staldization Board is authorized by Restrictions on taking turtles, sponge E Ue Heh and black-lip mother-of-pearl oyste Commissioner to: shell are in effect. These regulation s ae (2) Buy, collect, market, and exrelate to conserving and protecting (he, Port all copra produced or processed economic resources of the Territo F “ithin the Perrito penalties are provided for viol ation 4 ° Part VI—Economic Advancemet®; a tory (c) Appoint and employ such agent (d) Collect and receive all monies derived from such coprasales (e) Administer and invest the funds derived from such coprasales (f) Disburse monies from these funds as required to stabilize copra prices (g) Perform all transactions necessary or proper in connection with or incidental to the purchase, marketing, or sale of copra. The membership of the Copra Stabilization Board includes one representative from each district. The United Micronesia Development Association in 1966 received the Territory’s contract to collect the copra throughout the Territory, to negotiate export sales, and to ship the copra and collect the proceeds from sales, on a fixed percentage fee plus an overhead charge allowed for every ton of copra sold. The contractor collects the broker’s commission of 2% of the gross sales price for each copra shipment made at final point of sale. All other costs to the contractor in carrying out the contract provisions, except for certain listed, reimbursable expenses, are the responsibility of the contractor who is paid $2.40.per short ton of copra on an out-turn weight basis. The Copra Stabilization Board administers the Copra Stabilization 49 Pycal Year 1968 ~