amerete maTae !
Life savings insurance provides
similar benefits with respect to a
member’s savings. When a member
dies, the insurance company will
match the amount ofhis savings at the
time of death. This is considered an
incentive for members to save and to
refrain from withdrawing their savings
except for urgent needs.
st te
sbemneeree oun
Seventeen credit unions have
subscribed to surety bond coverage,
which protects them from embezzlement.
Coverage
is
limited
to
$1,000,000.
Cooperatives in the Territory also
have increased their volume of busiall arate Ni he ee ke
ness. By the end of fiscal year 1968,
active cooperatives numbered 33, an
increase of nine from the previous
year. These cooperatives were buying
rtiebsh
it
copra and retailing trade goods, often
in remote areas where there was no
other trading company; catching and
marketing fish; producing and marketing handicraft, constructing low-cost
homes for members; and building and
repairing boats.
Total sales and other revenues of
Trust Territory cooperatives will
exceed $5,000,000 for fiscal year
1968. At the end of 1967, 7,499
Micronesians were members. Good
operating results enabled cooperatives
to show net savings of $453,201 and
to pay an estimated $259,363 in
patronage refunds..
|
Chapter 3
|
INVESTMENTS
The Administering Authority recognizes that
outside capital and
expertise, particularly for large-scale,
46
sophisticated enterprises, are need
to carry Out economic venturesin ti
most efficient and profitable mann
The Director of Economic Devel
ment analyzes proposed outside inve
ment, obtains views of concern
persons, and formulates a reco
mendation for the High Commissio:
to license or charter any enterpr
involving non-Micronesians.
In reviewing a business vent
application, the following crite
among others, are considered:
{a) the economic need for
service or activity to be performed
(b) the promoters’ willingness
joint Micronesian ownership of
venture
{c) the degree to which sucl
Operation effects a net increas
exports or a net decrease in impor
(d)} the extent of participatio
Micronesian citizens at the outse:
in the future at the management
and at lower levels, and the provi
for Micronesian personnel trainin;
(e) the
lack
of
capabi
financial, technical, manageria
otherwise—of Micronesians to of
such a business now or withi:
reasonable future.
Investment which meets the
considerations, resulting in an i
of capital and needed know-hov
increasing the productivity of °
nesian workers, is welcomed and
tated.
‘Part VI—Economic Advanc:
AG