Establishment of New Legal Entity; Prohibition on the Retention or Extension of Pre-Existing Debts or Other Financial Encumbrances

Establishment of New Legal Entity; Prohibition on the Retention or Extension of Pre-Existing Debts or Other Financial Encumbrances. (a) The Northern Marianas Technical Institute, its Board, and various legal divisions are hereby established by law. It shall be an entirely new legal entity and shall not be subject to any pre-existing debt or other financial or legal encumbrances that either exist or were originated prior to the establishment of this provision. (b) Prior to converting to a public career and technical training institution, the Northern Marianas Trades Institute shall be responsible for and satisfy in full all pre-existing debt or financial or legal encumbrances that either exist or were originated prior to the establishment of the Marianas Technical Institute.” Source: PL 20-92 § 2 (Feb. 18, 2019), modified. Commission Comment: The Commission changed a forward slash to a semicolon in the section title for conformity pursuant to 1 CMC § 3806(g).