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Senate OKs charter change on land lease and Article 12
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Posted on Apr 12 2008
The Senate has passed a constitutional amendment extending the allowable leasehold interest for private lands in the Commonwealth from 55 years to 80 years.
The initiative, sponsored by Sen. Luis P. Crisostimo, would also ease the requirements for corporations wishing to buy land in the Commonwealth. Under the initiative, a corporation would be able to own land with only 51 percent of its directors made up of people of Northern Marianas descent, and 51 percent of its stock owned by NMDs.
The Constitution restricts land ownership to persons of Northern Marianas descent. And in order for a corporation to own land, 100 percent of its directors must be NMDs and 100 percent of its voting shares be owned by people of Northern Marianas descent.
The initiative is awaiting action in the House of Representatives, where it must be approved by at least two-thirds of the members present and voting. Once it clears the House, the initiative will be placed on the ballot for the voters’ ratification.
The House is currently considering a separate initiative on the lease of private lands.
The House version, introduced by Rep. Heinz Hofschneider, would extend the permissible term for private lands leases in the Commonwealth from 55 years to 75 years. It would also allow for existing leasehold agreements to be renegotiated for a new lease term of up 75 years.
The House Committee on Natural Resources, which is reviewing the initiative, is conducting a series of public hearings on the House initiative.
The Saipan hearings were held on April 2 and April 3, 2008.
Rota citizens will have the opportunity to submit oral testimony on the proposal, as well as related initiatives, on April 17 and 18, 6pm in the Rota Round House.
The Tinian public hearings will be held at 6pm on April 22 and 23 at the Tinian Elementary School cafeteria.
