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28.1002 Regulations of Banks.

Cite as [A.S.C.A. § 28.1002]

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 engaging in the general Banking business; and

(2) it is a member of the Federal Deposit Insurance Corporation (FDIC); and

(3) it has been approved by the Comptroller of the currency and FDIC if a national Bank; and

(4) it has obtained the approval of the proper official of the state, if a state Bank; and

(5) it shall have been authorized and licensed to conduct the business of banking in American Samoa by the Economic Development Commission and Governor of American Samoa; and

(6) if a state Bank, the charter, statutes, rules, and regulations under which it operates have been examined and found adequate by the Economic Development Commission and the Governor of American Samoa.

History: 1975, PL 14-16 § 1.