16.2103 Foundation–Corporate powers.

The corporate powers of the Foundation shall be as follows:

(a) The Foundation shall begin its corporate existence upon the issuance of a certificate of incorporation by the Treasurer after approval by the Governor.

(b) The principal office of the Foundation shall be located on the island of Tutuila, American Samoa.

(c) The Foundation is authorized to engage in and carry out the functions set forth in section 16.2102.

(d) In performing the functions authorized in subsection (c), the Foundation shall have and exercise all lawful powers normally exercised by eleemosynary corporations under the laws of American Samoa not inconsistent with the provisions of this chapter, including but not limited to the following:

(1) adopt, alter and use a corporate seal;

(2) adopt, amend and repeal bylaws governing the conduct of its business and exercise of its powers;

(3) sue and be sued in its corporate name;

(4) acquire in any lawful manner, real, personal, or mixed property, either tangible or intangible, to hold, maintain, use and operate such property, and to sell, lease, or otherwise dispose of such property.

(e) The bylaws shall provide for the management of the business of the Foundation, the organization, meetings, and procedures of the Board, the duties of the officers of the Foundation the officers required to furnish bonds and the amounts thereof, the form of the seal of the Foundation and the preparation and submission of required reports. Bylaws may not be adopted, amended or repealed except after one week’s written notice to each trustee.

History: 1987, PL 20-22 § 2.