(a) The affairs of the Bank must be managed and its corporate powers exercised by a Board of Directors, hereinafter referred to as “the Board”, which consists of 10 members, 9 of whom are to be appointed by the Governor with the advice and consent of the Senate. The Chairman, who is a Board member, is elected by a majority of the Board. In the event of a vacancy for any reason whatsoever, the Governor may appoint a person to fill the vacancy until the next session of the Legislature. All Directors serve two year terms. All appointees may be reappointed to the Board and may be removed by the Governor for cause, provided the majority of the Board con-curs in the cause or causes offered. At least 4 of the Board members are representatives of private business or financial interests in American Samoa. The President of the Development Bank is a nonvoting ex officio member of the Board of Directors. The President may not serve as Chairman of the Board of Directors.
(b) The Governor, with the approval of the Board, appoints a President of the Bank, with the advice and consent of the Senate. The President is responsible for the operation of the Bank with the assistance of such other officers and employees as the Board may authorize. The salary of the President and other officers is established by the Board.History: 1972, PL 12-67 § 2, 3; 1973, PL 13-28 § 1; amd 1985, PL 19-3 § 1.
Amendments: 1973 Provided for approval by senate and omitted provisions relating to original appointments in subsection (a,).
1985 Increased board membership from 9 to 10; made general amendments to overall language of the section.