Peter Q. Cruz, whose nomination was confirmed by the Senate on Feb. 11, was sworn in by acting Gov. Eloy S. Inos at the MPLT office on Capital Hill, Wednesday.
“I am grateful that the Senate confirmed me to serve on the board,” Cruz told Variety.
He said the fundamental principle is to uphold the constitutional mandate — to invest in the trust for Northern Mariana Islands descent.
Asked what he looked forward to accomplishing as a trustee, he said, “Of course, grow the trust, invest in greater returns — make reasonable, careful and prudent investments.”
According to law, the MPLT’s board of trustees is composed of three from Saipan, one each from Tinian and Rota.
All trustees are appointed by the governor and confirmed by the Senate.
The law also requires that one member of the board must be of Carolinian descent and one must be a woman.
Each trustee is to serve on the board for a term of six years.
During a board election on Feb. 4. Alvaro A. Santos took the helm with Rota’s Melchor J. Mendiola Jr. as vice chairman and trustee Pedro R. Deleon Guerrero as treasurer. Santos succeeded Philip Mendiola-Long as chairman of the board.
