Title 16 — Educational Institutions

There is established the American Samoa College Research Foundation. The Foundation shall be a non-profit, tax exempt public corporation having the purpose of supporting the American Samoa Community College in accordance with this chapter. The Foundation shall have neither member…

The functions of the Foundation are to: (a) Promote all educational, scientific, literary, Samoan cultural and humanitarian pursuits by encouraging, initiating, aiding, supplementing, developing and implementing educational programs which contribute to the attainment of the goals…

The corporate powers of the Foundation shall be as follows: (a) The Foundation shall begin its corporate existence upon the issuance of a certificate of incorporation by the Treasurer after approval by the Governor. (b) The principal office of the Foundation shall be located on t…

(a) The affairs and corporate powers of the Foundation shall be managed and exercised by a Board of Trustees. (b) There shall be 11 members of the Board, nine whom shall be voting members and two of whom shall be non-voting ex-officio members. The voting members shall be comprise…

(a) The Board shall have the following powers and duties: (1) serve as Trustees of the Foundation; (2) enter into and be responsible for the performance of local, territorial, federal and international contracts and grants; (3) sell, lease, rent, hold, maintain, use and operate a…

(a) The Board shall appoint an Executive Director of the Foundation. The Executive Director shall be in charge of the administration of the detailed affairs of the Foundation. He shall keep all books, records, files, and accounts of the Foundation. He shall prepare periodic repor…

(a) The Board has full power and authority to direct the investment and reinvestment of the fund of the Foundation without distinction between principal and income, in property (defined in (b) below) it considers advisable. The Board may invest and reinvest the fund in property i…

A member or an employee of the Board may not have any direct or indirect interest in the income, gains or profits on any investment made by the Board, or receive any pay or emolument for services in connection with any investment made by the Board. A member or an employee of the …

The Foundation exists and operates solely for the benefit of public education and is exempt from any taxes or assessments on any of its property, operations, or activities. The Foundation is liable for its debts and obligations. The government is not responsible for any such debt…

The Foundation shall have full responsibility for the accounting and financial management of the Foundation, and shall administer or contract with the government for the administration of all accounting systems, including general ledger, fixed assets, accounts receivable, account…

(a) The Foundation shall employ a firm of independent certified public accounts, subject to the approval of the Chairperson, to examine and report upon the status of financial records and accounts. This examination shall culminate in an annual audit of all grants, investments, op…

Any director who, under color of his office, violates any law or knowingly or negligently permits any officer, agent, or employee of the Foundation to violate any law, or any provision of the Foundation’s charter or bylaws, shall be subject to removal from the Board by petition t…

Any director, officer, employee, or agent of the Foundation who, with the intent to injure or defraud the Foundation or any other person, embezzles, steals, or misapplies any moneys, funds, credits, or securities; makes any false entry in a book, report, or record; or performs an…