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