nok ¥ Pde tt an rete et z ae mad 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 |147(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 may avail 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: q wif “til “Any taxes imposed or authorized . upon property shall be a lien upon the property, and may be collected by levy upon it in the same manner as the levy of an execution.” Pursuant to the above section, land or ei 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 dete: mine for itself before ordering the sal or transfer of such land that (a) justic so requires it, and (b) the judgmen debtor will have “sufficient lam remaining to support himself an: those persons directly dependent ot: him aceording to recognized loca custom and the law of the Trus (Section 288(c), cl Terntory.” Section 287 T.T, Code.) Since the Territory does not have an income tax, arrangements or law: concerning international double taxa tion have not been necessary. Under Sections 1116 to 1118 oi the Trust Territory Code, any group o: association of persons may form corporation by submitting the pro posed articles of incorporation to the High Commissioner, and if the proposed articles meet the requirements specified under these Code sections, the High Commissioner may grant a charter. Corporations or companies which have been tincorporated in the Territory under per- tinent sections of the Code are listed in Appendix VIE. Credit unions incorporated in the Territory are listed in Appendix XVI. SECTION 2: |i J Aten le ae a, rt ll tntel nats Ronee a 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 i 4 40 Bank of Hawaii branches. Truk District and Saipan in the Mariana Islands District are served by Bank of America branch banks. The branch banks make some loans to individuals and private business firms. In 1956, a revolving fund was est’ blished from funds made available by the U.S. Congress for loans to Part VI—Economic Advancement i i t t y -. or uk, ele Since U.S. currency serves as legal tender, no laws or regulations governing currency and exchange have been needed other than U.S. laws governing banking. Residents have access to 7 . j i ee a Ty a nace liniainal w a er bate ee ; .* : 4