A savings and loan institution may not do business in American Samoa unless:
(1) it is a corporation organized under the savings and loan laws of the United States (12 U.S.C. § 1461 et seq.), or under the savings and loan laws of a state or territory 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 business of savings and loan Banking business;
(2) it is a member of the Federal Savings and Loan Insurance Corporation;
(3) it has been approved by the Federal Home Loan Bank Board, if a federal savings and loan association;
(4) it has obtained the approval of the proper official of the state, or territories if a state or territorial savings and loan;
(5) it shall have been authorized and licensed to conduct the business of savings and loan Banking in American Samoa by the Territorial Planning Commission and Governor of American Samoa;
(6) if a state or Territory savings and loan, the charter, statutes, and rules under which it operates have been examined and found adequate by the Territorial Planning Commission and the Governor of American Samoa; and
(7) it reserves 50 percent of its deposits generated from within the Territory to mortgage loans to be loaned here in the Territory. This subsection specifically applies to all institutions regulated by this chapter, whether in place in the Territory when this act is effective or hereafter admitted.History: 1978, PL 15-70.