Penalties for failure to furnish records or information to any of the taxing units of government for the purpose of computation, assessment, or collection of any tax or license fee are specified in Chapter 18 of the Trust Territory Code. A failure to pay taxes subjects the taxpayer to a civil suit brought by the taxing unit concerned pursuant to Section 1147(c) of the Trust Territory Code. While the Trust Territory Code does not specifically contain provisions concerning foreclosures of land to enforce or collect taxes, the taxing unit mayavail itself of land foreclosure in an execution on a judgment. In cases of nonpayment of property tax under Section 1147(a) of the Trust Territory Code, the following provision also applies: “Any taxes imposed or authorized . upon property shall be a lien upon the property, and may be collected by levy upon it inthe same manner as the levy of an execution.” Pursuant to the above section, land or interest therein may be foreclosed provided the land involved or interest therein is “owned solely by the judgment debtor, in his own right.” The court, however, must first mine for itself before ordering t or transfer of such land that(a) so requires it, and (b) the juc debtor will have “sufficient remaining to support himsel those persons directly depende him according to recognized custom and the law of the Territory.” (Section 288(c). Section 287 T.T. Code.) Since the Territory does not an income tax, arrangements o1 concerning international double tion have not been necessary. Under Sections 1116 to 1I1i the Trust Territory Code, any gro association of persons may fo: corporation by submitting the posed articles of incorporation t« High Commissioner, and if proposed articles meet the req ments specified under these ( sections, the High Commissioner grant a charter. Corporations companies which have been ir porated in the Territory under tinent sections of the Code are li. in Appendix VII. Credit unions incorporated in Territory are listed in Appendix X SECTION 2: MOneY AND BANKIN Since U.S. currency serves as legal tender, no laws or regulations govern- ing currency and exchange have been needed other than U.S. laws governing banking. Residents have access to banking institutions in Guam, Hawaii, and the U.S. mainland as well as to branch banks within the Territory. Kwajalein in the Marshalls, Koror in Palau, and Kolonia in Ponape have 40 Bank of Hawaii branches. Tr District and Saipan in the Maria Islands District are served by Bank America branch banks. The bran banks make some loans to individu: and private business firms. In 1956, a revolving fund wz established from funds made availab by the U.S. Congress for loans | Part VI—Economic Advancemet ~*~