Title 28 — Finance and Financial Institutions
7 chapters · 43 sections in this title.
A.S.C.A. § 28.1001 Short title
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This chapter shall be known and may be cited as the “American Samoa Banking Act of 1975”. History: 1975, PL l4-16 § 1.
A.S.C.A. § 28.1002 Regulations of Banks
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A Bank may not do business in American Samoa unless: (1) it is a corporation organized under the Banking laws of the United States or the Banking laws of a state of the United States or the general corporation laws of American Samoa, 30.0101 et seq., for the exclusive purpose of …
A.S.C.A. § 28.1003 Suspension of operations
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(a) In the event a Bank has had an application for FDIC insurance accepted for filing, but not yet approved, the Governor may suspend the operation of subsection (2) of 28.1002 for a period not exceeding one year upon conditions he may determine. The conditions imposed may includ…
A.S.C.A. § 28.1004 Power of Governor to adopt rules
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(a) The Governor has the power to adopt rules under the Administrative Procedure Act, 4.1001 et seq., and from time to time amend, supplement, and revoke, in whole or in part, rules not inconsistent with this act or the laws of this Territory or the laws of the United States of A…
A.S.C.A. § 28.1005 Title to or interest in communal land prohibited-Exception
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(a) No bank, or corporation engaged in banking, may acquire or hold title to any land, except that a bank authorized to do business in American Samoa may acquire and hold title to land in trust for beneficial owners who are eligible under the laws of American Samoa to acquire and…