FEDERATED STATES OF MICRONESIA

ANNOTATED CODE 2014

Title 57
Money and Currency

CHAPTERS
1 Currency (§ 101)

Chapter 1
Currency

SECTIONS
§ 101. Legal tender defined.

 § 101. Legal tender defined.
 The legal tender of the Federated States of Micronesia shall be the coins and currencies of the United States; provided, however, no restriction shall be made on the use of local forms or barter and exchange in transactions among citizens of the Federated States of Micronesia.

Source: TT Code 1966, § 1140; TT Code 1970, 77 TTC 1201; TT Code 1980, 77 TTC 401; PL 6-82 § 1.

Cross-reference: FSM Const., art. IX, § 2(f) states:

Section 2. The following powers are expressly delegated to Congress:

 . . .

 (f)  to issue and regulate currency;

 . . .

The provisions of the Constitution are found in Part I of this code.