Court Voids Termination, Torres Hangs on but Board Will Move to Do It Again, 'Correctly' Happy with the Court's Ruling
Y._NIYfRSJ]Y O.f tlAWAII LIBRARY By Ferdie de la Torre sel Michael Dotts, said they would Variety News Staff have looked to entertain the pro THE SUPERIOR Court issued an posal, but relying on Torres y. order yesterday declaring as un particular steps toward these de and homesteaders. Tenorio, MPLT felt constrained constitutional the Home Financ sirable goals," Castro pointed out. Plaintiff claimed that the loan to reject it.· ing Act of 1996, a law that re NMHC sued MPLT and its would be in the public interest as . In Torres v. Tenorio, the lower quires the Marianas Public Land Trustees Juan S. Torres, Vicente it would raise the standard of liv court ruled that the governor in Trust to lend Northern Marianas M. Calvo, Maria H. Aguon, ing of low-income families and leasing public lands is held to a Housing Corporation $10 million Joaquin I. Pangelinan, and homesteaders and would have an strict fiduciary standard to "act as for home loans. Herman R. Guerrero for refusing · overall beneficial impact on the a reasonable prudent person would Presiding Judge Alexandro to sign the $JO-million loan in CNMI's economy. in the management of his own Castro ruled that MPLT Board of tended for low-income families MPLTTrustees, through coun- Continued on page 16. Trustees "must be free from be ing told with whom to invest, on the amount of the investment, and the interest rate to apply to a par ticular investment." Castro said MPLT must be in Alexandro Castro dependent to carry out its trust and the Governor for their joint ees' responsibility of making rea effort to provide much needed sonable, careful and prudent in assistance for low income home vestment of funds for the benefit purchasers," he said.
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