2
to
furnish
to any of the
ment for the
1, assessment,
or license fee
+r 18 of the
failure to pay
yer to a civil
ing unit con-
mn 1147(c) of
le. While the
25 not specif-
3 concerning
enforce or
nit may avail
in an execuases of nontax under
ist Territory
ovision also
' authorized
ll be a lien
ad may be
n it in the
levy of an
on, land or
foreclosed
or interest
y by the
wn right.”
The court, however, must first deter-
access to
n, Hawaii,
well as to
Territory.
Koror in
lape have
!
Since the Territory does not have
an income tax, arrangements or
laws
concerning international double
taxation have not been necessary.
of
Hawaii
branches.
Truk
District and Saipan in the Mari
ana
Istands District are served by Ban
k of
America branch banks. The
branch
banks make some loans to
individuals
and private business firms.
varies,
In
1956, a revolving fund was
established from funds made
available
by the USS. Congress for
loans to
Part VI—Economic Advanc
ement
however,
urbanized
centers,
from
the
semi-
residents of the district
participating
in
a
money
economy, to the dwellers of the outer
fF islands who may receive only a small
F amount of cash from the sale of copra
to augment their subsistence resources.
The Administration is promoting
development
of the
economy
of
| Micronesia so that it will become
} geared to a world money economy
| and, thus, its subsistence aspects will
| become supplemental.
Pwenty-one firms in the Territory
the
Micronesia,
Bottling
Van
Company
Camp
Major Economic Developments
Development of natural resources
for the economic and social betterment of the Micronesian citizenry is
receiving increasing emphasis. Findings
and recommendations of such source
material as the Robert R. Nathan
Associates’
Economic
Development
Plan for Micronesia, completed in
December 1966, are being used to
devise new, practical plans for orderly,
ment.
are financed mainly by nonindigenous
| capital. Some are chartered under
Terntory laws. The largest firms
F include
Bank of America and Bank of Hawaii
operate branches in the Territory. Van
Camp Sea Food Company employs
145 nonindigenous fishermen, who
train Micronesians in live-bait tuna
fishing. Two long-time Belgian businessmen reside in Ponape District.
balanced economic and social develop-
F Nonindigenous Investment
f
during the reporting period are piven
in Part VI, Section 3, Chapter 2.
Oil Micronesia, and Air Micronesia.
The economic structure of the
t Territory is based mainly on subsistence farming and fishing. The econonuc development of the inhabitants
Credit unions incorporated in
the
Territory are listed in Append
ix XVI.
The Economic Development Loan
Fund provides direct loans and guarantees commercial bank loans to business
organizations and individuals for development purposes. Details of Economic
Development Loan Fund activities
Company, Micronesian Line, Micronesian Development Company, Inc.,
Micronesian Hotel Corporation, Mobil
GENERAL
grant a charter. Corporations
or
companies which have been
incorporated in the Territory unde
r pertinent sections of the Code are
listed
in Appendix VII.
196% was $669,000, and this level is to
be raised to $1,000,000.
Economy OF THE TERRITORY
Chapter 1
sections, the High Commissio
ner may
Bank
SECTION 3:
3
Under Sections 1116 to 1118
of
the Trust Territory Code, any grou
p or
association of persons may for
m a
corporation by submitting
the proposed articles of incorporation
to the
High Commissioner, and if
the
proposed articles meet the
requirements specified under thes
e Code
SECTION 2:
MONEY AND BANKING
‘es as legal
ns governhave been
governing
qgeatly owned trading companies for
mine for itself before ordering the sale
n and other development
or transfer of such land that (a) justice expansio
sourposes. This revolving fund was
sO requires it, and (b) the judgment
August 1964 when
debtor will have “sufficient land yconunued until
(U.S, Public Law 487 transferred
remaining to support himself and
$308,000 from the revolving fund to
those persons directly dependent on
wthe Trust Territory Economic Develhim according to recognized local
,opment Loan Fund, bringing | the
custom and the law of the Trust
balance of the Loan Fund, established
Territory.” (Section
288(c),
ef. sin 1963, to $668,000. TotalcapitalizaSection 287 T.T. Code.)
ion of the Loan Fund as of June 30,
Sea
of
Food
Under a 5-year contract, commercial jet service was inaugurated in
Micronesia on May 16, 1968, by Air
Micronesia, a corporation formed by
Continental Airlines; United Micronesia Development Association, a
Fiscal Year 1968
4}
Sogo eee oe ce ot