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27.2610 Suspension, revocation or modification of certificate of foreign investment.

Cite as [A.S.C.A. § 27.2610]

(a) At all times during the life of a certificate of foreign investment, its holder and the enterprise must be in compliance with the provisions of this chapter and all other applicable laws and regulations. Failure to comply may lead the Director, after giving the certificate holder reasonable notice and opportunity to cure such failures, to suspend or modify the certificate of foreign investment.

(b) The Director may revoke permanently a certificate of foreign investment upon clear evidence that the foreign investor:

(1) has not maintained an approval investment in continuing compliance with the terms of issuance of a certificate of foreign investment;

(2) has committed fraud or misrepresentation in any material assertion in the application for the certificate of foreign investment or in the annual report required under section 27.2609;

(3) has been subjected to an adjudication of bankruptcy under chapter 7 of the U.S. bankruptcy laws regarding the foreign investment;

(4) has failed to comply with any conditions or obligations stated in the certificate of foreign investment, after having been afforded by the Director a reasonable period within which to correct such failure; provided, however, that should the foreign investment fail for reasons beyond the control of the foreign investor, the Director shall provide a reasonable time to the foreign investor within which to refinance the approved investment, or secure participation in alternative approved investment;

(5) has been subjected to a finding by the Attorney General that the corporate parent for the enterprise, if any, has been dissolved; or

(6) has violated any material provision of this chapter and the rules promulgated under section 27.2604 (b).

(c) Should the Director decide to revoke a certificate of foreign investment, the foreign investor shall be afforded a six month grace period following revocation of his certificate in order to take the steps necessary to liquidate, transfer or otherwise dispose of assets connected with the investor's enterprise. The Director shall advise the Attorney General in writing of the decision to revoke the certificate of foreign investment, and compute the six month's grace period date commencing from the date of revocation.

(d) In the event the investment can not be liquidated after proper due diligence within the six month grace period, the government may purchase said investment for its then appraised current value, less 20%, as set by a fully licensed and accredited appraiser. In the event that the government declines to purchase the investment at the indicated time or value, the investor will place his holdings for public sale. The investor is expected to accept any reasonable valid offer and until said time, safely maintain all properties, and pay any appropriate taxes which may come to be in effect in American Samoa.

(e) The foreign investor's foreign investment entry permit and the entry permit held by members of his immediate family shall be valid up to and including the final day of the six-month grace period following revocation of the certificate of foreign investment.

History: 1988, PL 20-80; amd 1991, PL 22-11.