American Samoa § 28.0108 - Economic development fund.
Full text of American Samoa American Samoa Code Annotated § 28.0108 — Economic development fund., with citation guidance and answers to common questions.
§ 28.0108. Economic development fund.
(a) For the purpose of providing a source of capital to assist the bank in meeting its purpose of promoting private enterprise, developing the economy, and benefiting the public, there is created an Economic Development Fund (the “Fund”) in the amount of $10,000,000. The Fund shall be utilized for the purposes set forth in section 28.0105 and investments made from the Fund shall be made in compliance with the management procedures and standards set forth in said section. (b) Upon satisfying the reserve amount required for the Income Reserve Account under Section 11.0407, the Treasurer of American Samoa shall deposit into the Economic Development Fund the proceeds from twenty-five percent (25%) of all corporate income taxes until the Economic Development Fund is fully funded. Such funds shall be remitted to the Development Bank of American Samoa at the end of each calendar quarter each year. All income from investments from the Fund shall be credited to the account of the Fund and shall be available for re-investment.
Frequently Asked Questions About American Samoa § 28.0108
What does American Samoa Code Annotated § 28.0108 cover?
Section 28.0108 ("Economic development fund.") is part of the American Samoa Code Annotated, the codified statutory law of American Samoa. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite American Samoa § 28.0108?
A common citation format is "American Samoa Code Annotated § 28.0108" (American Samoa). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of American Samoa law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the American Samoa official source linked on this page or consult a licensed American Samoa attorney.
How does American Samoa § 28.0108 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in American Samoa can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in American Samoa.