(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 hold title to land, and may acquire and hold a leasehold interest in land, subject to the general restrictions and limitations on the alienation of land contained in the laws of American Samoa.
(b) This section does not apply to “Freehold lands”, as defined in 37.0201.History: 1969, PL 11-42; 1975, PL 14-16 § 2; readopted 1980, PL 16-88 § 1, 2; 1982, PL 17-31 § 1, 2.
Reviser’s Comment. The law dealing with alienation of land contained in the A.S.C.A., as recodifled by the Legislative Reference Bureau had been questioned as to whether the requirements of Art. 1,§ 3 and Art II, § 9. American Samoa Constitution, had been fulfilled. Since the records were not available to answer the question, the Legislature passed PL 16-48 and PL 17-31 to ensure that the law dealing with alienation of land complies with the Constitution.