Rule 142 Professional Corporations
Rule Text
A corporation organized under the laws of American Samoa by attorneys desiring to practice law within such corporation, must file an application with Standing Committee. In addition:
(a) For a corporation to be licensed as a professional legal corporation, each shareholder, director, and officer of the corporation must be licensed to practice law in American Samoa. Each employee of the corporation who will practice law in American Samoa must be licensed to practice law in American Samoa.
(b) The shares of a corporation owned by a person who dies or becomes disqualified to practice law must be acquired by the corporation, by its remaining shareholders, or by one or more persons licensed to practice law within 90 days of the person’s death or disqualification.
(c) The corporation may not limit the professional liability of any person licensed to practice law.
(d) The requirements of sections (a), (b), and (c) of this rule must be set forth in the corporation’s articles of incorporation, by-laws, and share certificates.
(e) The corporate name of every such corporation must include the name of the shareholder and if there is more than one shareholder, either the names of all or the name of one or more and the words “& Associates”, followed by the words: “A Professional Corporation.”
(f) Nothing in this rule affects or impairs the disciplinary powers of the Court over any person licensed to practice law in American Samoa.