This Act provides for the continuation of the Development Bank of Samoa as a body corporate, defines its functions and powers and provides with respect to its functioning and operations.The principal functions of the Bank shall be to promote the expansion of the economy of Samoa for the economic and social advancement of the people of Samoa by, among other things: making loans and giving financial, technical, and advisory assistance in its discretion to any enterprises in Samoa; undertaking or participating in infrastructure developments; and entering into partnerships by way of joint venture, agency relationships or any other means approved. The Bank may, among other things, buy, lease, or otherwise acquire, hold, manage, improve, or develop any real and personal property and sell, let, mortgage, charge, or otherwise deal with or dispose of any of its property. The Bank may hold security over land to secure debts owed to it.
Repeals: Development Bank Act 1974. (2008)
Authors and Publishers
Rudolph Hupperts (LEGN)