Law:The Great Reform (No 2: Finance) Bill - Second

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This law is currently
IN FORCE

It amends the following:
El Lexhatx

Ziu 47th Clark 3rd
Sponsored by: Miestrâ Schivâ (Senator of Fiôvâ)

Cosa.png Cosa: PASSED
PER 149 — CON 11 — AUS 6

Senats.png Senäts: PASSED
PER 6 — CON 1 — AUS 0

Digest of Laws

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Scribe’s Note: Please note that 'Second' is not a part of the bill’s name. It was used to differentiate it from another bill proposed with the same name.

47RZ13, The Great Reform (No 2: Finance) Bill

BE IT ENACTED by the Ziu of Talossa that El Lexhátx shall be amended thus:

1. Title C, Section 1, Section 4.2, on the Royal Treasury, is amended from:

maintain and report to the Finance Minister and the Government on the fiduciary health of the Kingdom,

to read as follows:

maintain and report to the Finance Minister and the Government on the fiduciary health of the Kingdom, at least once in every two calendar months and whenever else requested

2. Title C, Section 6-8 on the Royal Bank and Post, as follows, are hereby DELETED in their entirety:

6. The Royal Bank and Post is responsible for setting and instituting the economic policies of the Kingdom, issuing and regulating the currency of the Kingdom, and investing funds from the royal treasury for best effect to His Majesty's realm. Be it further clarified by this title that the Chairman of the Royal Bank and Post is a political office and is not an Office of the Royal Household, and that therefore this Chairman shall lose his office when the Government that appointed him is replaced by a new elected administration.
7. The Chairman of the Royal Bank and Post, when invited to participate in the Cabinet, shall be additionally styled and addressed as the Minister of Finance, and his office as the Ministry of Finance.
7.1. Base Unit of Account. The base unit of account for the Kingdom of Talossa is hereby established and styled the "BENT." The plural of the bent is "BENCE." Convenient shortenings such as "tubbence" and "thrubbence" shall be understood and recognised by the government, and may appear on collectable tokens (colloquially "coinage", though they shall not constitute current money). This unit of account is fixed to $0.025 in the currency of the United States of America. (36RZ2, 46RZ20)
7.2. Second Unit of Account. A second unit of account, which shall have the fixed denomination of sixty (60) bence, is hereby established and styled the "LOUIS," which shall also be officially recognised by the shortened name "LOU." The plural of the lou is "LOUISE." Convenient colloqualisms for the denominations of louise are encouraged, specifically "Brock" for a single lou, "Costello" for five louise, "Ferrigno" for ten louise, "Rawls" for twenty louise, and so forth.
7.2.1. The commonly-used symbols ℓ and ¤ shall be officially adopted for the louis and bent, respectively, and these symbols shall be used in accordance with common practice: ¤ to be used as a separator of the two denominations, with louise on the left of the symbol and bence on the right; ℓ may also be used to indicate amounts in whole louise, by placing the symbol to the left of the amount.
7.3. Creation and Issuance of Collectable Tokens. The Royal Bank & Post is exclusively authorised to design, cause to be created, issue, and distribute collectable tokens (colloquially "coinage", though they shall not constitute current money) in any denomination of whole bence. The Royal Bank & Post is authorised to imprint the denomination of any coinage with its price in louise, rather than in bence, as it sees fit.
7.3.1 Current Token Design. The first issue of Talossan collectable tokens ("coins") shall have, on the obverse, the Chinese character "ben" upon a shield, with a crown above the shield; above the crown shall be the curved inscription "REGIPÄTS TALOSSÁN", and below the shield shall be the curved inscription of the year of issue (both the Common Era in Arabic numerals and the year of the Kingdom of Talossa in Roman numerals). On the reverse shall be an image of a dandelion, a large "ℓ1", and the inscription "VIENS LUÏÇ".
7.4. Talossan Currency. The currency of the Kingdom of Talossa shall be beer, which has been, and continues to be, thankfully and conveniently distributed worldwide.
7.5 Provisions Against Counterfeit Currency. The Royal Bank & Post shall take care to be clear that non-alcoholic "beer" is, in fact, not beer at all, and thus is not currency. Official terminology is hereby established that counterfeit currency denominated in louise are to be called "Alcindors" and counterfeit currency demoninated in bence are to be called "Afflecks" or "Hills."
7.6. Distribution and Redemption of Currency. Talossan currency shall be distributed in exchange for foreign currency, and may be redeemed for the same with the Royal Bank & Post according to policies of exchange to be established by that body.
7.7. Consular Exchange of Currency. Consulates of the Kindom of Talossa may be established at any establishment applying to become a consulate and wishing to exchange local currency for quantities of Talossan currency. Such application shall be made to the Ministry of Foreign Affairs, which shall consult with the Royal Bank & Post before establishing any new consulate. The Kingdom shall provide a plaque or other sign to the establishment, which shall identify it as a consulate of the Kingdom of Talossa.
7.8. Creation and Sale of Postal Parapharnalia. The Royal Bank & Post may design, create, issue, and sell postage items, such as stamps and imprinted envelopes, in any demonination, and sell the same at a cost exceeding that expended for their creation. Postal items may be purchased by private individuals or organizations (such as those established to provide postal delivery services) and may be re-sold to the public in exchange for postal delivery or other services. The Royal Bank & Post is empowered to print denominations on postal items which are above the original sale value of postal items charged to a private organization purchasing the same, so to ease any resale of these items by the private organization to the general public, by providing on the face of the item the intended retail purchase price.
7.9. Redemption of Postal Items Forbidden. Postal items may never be redeemed to the Royal Bank & Post for their face value or any other value.
7.10. Creation and Sale of Commemorative Items. The Royal Bank & Post shall design, create, issue, and sell any commemorative items of the Kingdom of Talossa. Such items may be purchased by the general public at a cost at or above that expended for their manufacture, such valuation to be determined by the Royal Bank & Post.
7.11. Disposition of Profit. All profit in the form of foreign currency which is realized from the sale of currency, postal items, and commemoratives shall be duly tendered by the Royal Bank & Post to the Burgermeister of Inland Revenue for deposit and safe-keeping within the Royal Treasury. Any profit realised by the Royal Bank & Post in the form of beer shall be disposed of howsoever the Royal Bank & Post sees fit.
7.12. Economic Policy and Investment of Royal Funds. The Royal Bank & Post is responsible for determining and enacting economic policy of the Kingdom of Talossa. Funds kept in the Royal Treasury shall be made available by the Burgermeister of Inland Revenue to the Royal Bank & Post for the purpose of making foreign investments calculated to wisely augment the value of the said Treasury. The Minister of Finance shall be responsible to the Prime Minister and the nation for the policies implemented.
7.13. Royal Audit. The Burgermeister of Inland Revenue shall be permitted, as a Servant of His Majesty's Household, to audit the reported financial condition of His Majesty's investments at any time.
7.14. Governmental Expenses. Except when forbidden or restricted by legislation, the government of the day is empowered to requisition funds from the Royal Treasury to provide for the operation of the Royal Bank & Post, the other Cabinet Ministries, and the Prime Ministry. The amount requisitioned for the operation of each such ministry shall not in any way or for any reason increase during such time as the sitting government continues in office following having lost the confidence of the Cosâ, except it be by royal fiat and to provide for the necessary defence and preservation of the realm.
7.15. Assessment of Bouillon. The Royal Bank & Post shall annually appoint, from its officers and staff or other volunteer Talossan citizens, the membership of the Royal Treasury Reserve Board. This board shall be charged with regularly evaluating bouillon and providing assessments to the Chairman of the Royal Bank & Post. In addition to random samplings of bouillon as determined by the board, the duties of the board shall include attending such events as The World Beer Cup and other beer festivals.
7.16. Banking Operations. The Royal Bank & Post is empowered to act as a banking facility to serve citizens of the Kingdom of Talossa. The deposit and lending policies of the Bank shall be freely established by the Royal Bank & Post but may be modified by law by action of the Ziu. The safety of all funds deposited with the Royal Bank & Post shall be guaranteed by the government.
8. This title supercedes and replaces any and all existing statutory laws pertaining to the various Offices and Officers of the Royal Household, the Office of National Names, and the Royal Bank and Post, which are in conflict with the provisions of this title.

3. Title C, Section 2, is amended as follows: (strikeout and bold text is only to indicate additions and shall not appear in El Lexhátx)

The Officers of the Royal Household shall have no fixed terms of office, and shall not be removed from office by the dissolution of the Cosa. The Officers of the Royal Household are appointed and removed by the King on the recommendation of the Prime Minister. The three four exceptions to this are that the Secretary of State shall be appointed by the Prime Minister acting alone and may be removed by law; the Burgermeister of Inland Revenue shall be named in the same way as the Secretary of State; the Chancellor of the Royal Talossan Bar shall be appointed and removed by the King on the recommendation of a resolution of the Senäts; and the Commissioner of the Civil Service, who shall be appointed by the King, for a two year renewable term, after being recommended by a legislative civil service committee and approved by a two-thirds majority vote in the Cosa and a majority vote of the Senäts in favor of appointment. The Chancellor may be removed by the King on the recommendation of the Senäts.

4. Title D, Section 2.8, which currently reads:

2.8. The Finance Minister, heading the Ministry of Finance. The Finance Minister also serves as the Chairman of the Banqeu es Post Rexhital (Royal Bank & Post) unless he gets too lazy and appoints a Chairman. The Ministrà dal Finançù (Ministry of Finance) is responsible for:
2.8.1. setting and implementing the economic policies of the Kingdom, and directing the investment of that portion of the Royal Treasury set aside by authorized budgeting act of the Ziu (all of which said investments shall be executed in fact by the Burgermeister of Inland Revenue, an Officer of the Royal Household);
2.8.1.1. The Finance Minister with the assistance of the Burgermeister of Inland Revenue shall deliver a Financial Report at the end of each Cosa term. This Report shall be required to contain the following information: (38RZ15)
2.8.1.1.1. the amount, location, liquidity, and availability of all funds held by or for the Royal Treasury,
2.8.1.1.2. a detailed list of all changes in the account balances of the Royal Treasury since the last Report,
2.8.1.1.3. a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,
2.8.1.1.4. the investment policy that is will be pursued by the Ministry of Finance for any amount of the Treasury that has been budgeted by the Ziu for use in investment,
2.8.1.1.5. the current valuation of the louis with respect to other foreign currency,
2.8.1.1.6. the total amount of louise and postal items in circulation.
2.8.2. design, minting, printing, valuation, distribution, and redemption of all national currency, postage, and commemoratives;
2.8.3. keeping a balance sheet of all funds legitimately appropriated by the Ziu.

is replaced in its entirety by the following:

2.8. The Finance Minister, heading the Ministry of Finance.
2.8.1 The Ministrà dal Finançù (Ministry of Finance) is responsible for:
2.8.1.1 setting and implementing the economic policies of the Kingdom, and directing the investment of that portion of the Royal Treasury set aside by authorized budgeting act of the Ziu (all of which said investments shall be executed in fact by the Burgermeister of Inland Revenue, an Officer of the Royal Household);
2.8.1.2. The Finance Minister with the assistance of the Burgermeister of Inland Revenue shall deliver a Financial Report at the end of each Cosa term. This Report shall be required to contain the following information: (38RZ15)
2.8.1.2.1. the amount, location, liquidity, and availability of all funds held by or for the Royal Treasury,
2.8.1.2.2. a detailed list of all changes in the account balances of the Royal Treasury since the last Report,
2.8.1.2.3. a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,
2.8.1.2.4. the investment policy that is will be pursued by the Ministry of Finance for any amount of the Treasury that has been budgeted by the Ziu for use in investment,
2.8.1.2.5. the current valuation of the louis with respect to other foreign currency,
2.8.1.2.6. the total amount of louise and postal items in circulation.
2.8.1.3 design, minting, printing, valuation, distribution, and redemption of all national currency, postage, and commemoratives;
2.8.1.4 keeping a balance sheet of all funds legitimately appropriated by the Ziu
2.8.1.5 requesting such donations from citizens towards the upkeep of the State as may be approved by the Ziu in the Budget.
2.8.2. The Finance Minister also serves as the Chairman of the Banqeu es Post Rexhital (Royal Bank & Post) unless he gets too lazy and appoints a Chairman. The Royal Bank and Post is responsible for issuing and regulating the currency and postal paraphernalia of the Kingdom.
2.8.2.1. Base Unit of Account. The base unit of account for the Kingdom of Talossa is hereby established and styled the "BENT." The plural of the bent is "BENCE." Convenient shortenings such as "tubbence" and "thrubbence" shall be understood and recognised by the government, and may appear on collectable tokens (colloquially "coinage", though they shall not constitute current money). This unit of account is fixed to $0.025 in the currency of the United States of America. (36RZ2, 46RZ20)
2.8.2.2. Second Unit of Account. A second unit of account, which shall have the fixed denomination of sixty (60) bence, is hereby established and styled the "LOUIS," which shall also be officially recognised by the shortened name "LOU." The plural of the lou is "LOUISE." Convenient colloqualisms for the denominations of louise are encouraged, specifically "Brock" for a single lou, "Costello" for five louise, "Ferrigno" for ten louise, "Rawls" for twenty louise, and so forth.
2.8.2.2.1. The commonly-used symbols ℓ and ¤ shall be officially adopted for the louis and bent, respectively, and these symbols shall be used in accordance with common practice: ¤ to be used as a separator of the two denominations, with louise on the left of the symbol and bence on the right; ℓ may also be used to indicate amounts in whole louise, by placing the symbol to the left of the amount.
2.8.2.3. Creation and Issuance of Collectable Tokens. The Royal Bank & Post is exclusively authorised to design, cause to be created, issue, and distribute collectable tokens (colloquially "coinage", though they shall not constitute current money) in any denomination of whole bence. The Royal Bank & Post is authorised to imprint the denomination of any coinage with its price in louise, rather than in bence, as it sees fit.
2.8.2.3.1 Current Token Design. The first issue of Talossan collectable tokens ("coins") shall have, on the obverse, the Chinese character "ben" upon a shield, with a crown above the shield; above the crown shall be the curved inscription "REGIPÄTS TALOSSÁN", and below the shield shall be the curved inscription of the year of issue (both the Common Era in Arabic numerals and the year of the Kingdom of Talossa in Roman numerals). On the reverse shall be an image of a dandelion, a large "ℓ1", and the inscription "VIENS LUÏÇ".
2.8.2.4 Creation and Sale of Postal Paraphernalia. The Royal Bank & Post may design, create, issue, and sell postage items, such as stamps and imprinted envelopes, in any demonination, and sell the same at a cost exceeding that expended for their creation. Postal items may be purchased by private individuals or organizations (such as those established to provide postal delivery services) and may be re-sold to the public in exchange for postal delivery or other services. The Royal Bank & Post is empowered to print denominations on postal items which are above the original sale value of postal items charged to a private organization purchasing the same, so to ease any resale of these items by the private organization to the general public, by providing on the face of the item the intended retail purchase price.
2.8.2.5. Redemption of Postal Items Forbidden. Postal items may never be redeemed to the Royal Bank & Post for their face value or any other value.
2.8.2.6 Creation and Sale of Commemorative Items. The Royal Bank & Post shall design, create, issue, and sell any commemorative items of the Kingdom of Talossa. Such items may be purchased by the general public at a cost at or above that expended for their manufacture, such valuation to be determined by the Royal Bank & Post.
2.8.2.7 Disposition of Profit. All profit in the form of foreign currency which is realized from the sale of currency, postal items, and commemoratives or by donations from citizens shall be duly tendered by the Royal Bank & Post to the Burgermeister of Inland Revenue for deposit and safe-keeping within the Royal Treasury.
2.8.2.8 Economic Policy and Investment of Royal Funds. The Royal Bank & Post is responsible for determining and enacting economic policy of the Kingdom of Talossa. Funds kept in the Royal Treasury shall be made available by the Burgermeister of Inland Revenue to the Royal Bank & Post for the purpose of making foreign investments calculated to wisely augment the value of the said Treasury. The Minister of Finance shall be responsible to the Prime Minister and the nation for the policies implemented.
2.8.2.9 Royal Audit. The Burgermeister of Inland Revenue shall be permitted, as a Servant of His Majesty's Household, to audit the reported financial condition of His Majesty's investments at any time.
2.8.2.10 Governmental Expenses. Except when forbidden or restricted by legislation, the government of the day is empowered to requisition funds from the Royal Treasury to provide for the operation of the Royal Bank & Post, the other Cabinet Ministries, and the Prime Ministry. The amount requisitioned for the operation of each such ministry shall not in any way or for any reason increase during such time as the sitting government continues in office following having lost the confidence of the Cosâ, except it be by royal fiat and to provide for the necessary defence and preservation of the realm.
2.8.2.11 Banking Operations. The Royal Bank & Post is empowered to act as a banking facility to serve citizens of the Kingdom of Talossa. The deposit and lending policies of the Bank shall be freely established by the Royal Bank & Post but may be modified by law by action of the Ziu. The safety of all funds deposited with the Royal Bank & Post shall be guaranteed by the government.

6. Article D, Section 2.1.5, shall be amended by the addition of the following additional clause in bold (bold formatting not to appear in El Lexhátx):

2.1.5. The Seneschal shall be required to submit to the Ziu, in time for consideration by the the second Clark of the Cosa, a government bill approved by the whole Cabinet which shall contain the following: (38RZ15)
2.1.5.1. a detailed budget listing all planned expenses of the State through the current Cosa, specifying the amounts to be requisitioned for each Cabinet Ministry or Officer of the Royal Household and the purpose of each such expense;
2.1.5.2. any amount of the Treasury to be set aside for investment as directed by the Finance Minister and the investment policy that will be pursued;
2.1.5.3. the total amount in louise of any planned currency minting and printing, and postage issuance to be executed by the Royal Bank & Post during the term of the current Cosa.;
2.1.5.4. the total amount in louise of any planned donations proposed to be requested from Talossan citizens towards the upkeep of the State. This section shall not entitle any budget to impose compulsory taxation or mandatory donations of any kind.

Uréu q’estadra så:

Miestrâ Schivâ - (Senator of Fiôvâ)


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