7.1509 Investments.

Cite as [A.S.C.A. § 7.1509 ]

The Board may create a trust or other special funds for the segregation of funds or assets resulting from compensation deferred and for the administration of the plan. Funds held by the Board pursuant to a plan established under this chapter shall be invested in investment products permitted under the plan; provided, that any investment contract entered into shall be made with companies authorized and licensed to do business in American Samoa. Investment products shall be limited to annuities, life insurance, savings accounts, mutual funds, or any combination thereof which shall have been reviewed and selected by the Board after a competitive bidding process based on the specifications and considerations deemed appropriate by the Board. Nothing in this chapter shall be construed to permit any type of in-vestment prohibited by law, but shall not be included in the computation of income taxes withheld on behalf of any participating employees.

History: 1986, PL 19-55 § 1.