Law:The Financial Disclosure Act

44RZ21: The Financial Disclosure Act

WHEREAS maximum financial disclosure is without a doubt important in Talossa, and

WHEREAS accountability is also important, and

WHEREAS it'll be easier for everyone if all the financial business is dealt with at the same time, now

THEREFORE we, the Ziu hereby amend Section 1.4 of 35RZ24 “The Royal Household Cleaning Act” to read as follows:

The Royal Treasury, headed by the Burgermeister of Inland Revenue. The function of the treasury is to:

i. collect all revenues due to the King, ii. maintain and report to the Finance Minister and the Government on the fiduciary health of the Kingdom, iii. disburse from the treasury all funds legitimately appropriated by the Ziu, iv. keep a record of all changes in the account balances of the Royal Treasury.

FURTHERMORE, Section 2 of 35RZ24 “The Royal Household Cleaning Act” is amended to read as follows:

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 Cosâ. The Officers of the Royal Household are appointed and removed by the King on the recommendation of the Prime Minister. The three exceptions to this are:

i. that the Secretary of State shall be appointed by the Seneschal acting alone and may be removed by law, ii. the Burgermeister of Inland Revenue shall be appointed and may be removed by the Seneschal on the recommendation of the Finance Minister, iii. the Chancellor of the Royal Talossan Bar shall be appointed and removed by the King on the recommendation of a resolution of the Senäts.

FURTHERMORE, Section 14 of 36RZ2 “The Newer Numismatic Naming Act” is amended to read as follows:

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.

FURTHERMORE, Section 2.8 of 36RZ17 “The Cabinet Refinishing Act” is amended to read as follows:

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:

i. 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); ii. design, minting, printing, valuation, distribution, and redemption of all national currency, postage, and commemoratives; iii. keeping a balance sheet of all funds legitimately appropriated by the Ziu.

FURTHERMORE, Section 3 of 38RZ15 “The Men in Black II Act” is amended to read as follows:

The Government's Financial Report. 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:

i. the amount, location, liquidity, and availability of all funds held by or for the Royal Treasury, ii. a detailed list of all changes in the account balances of the Royal Treasury since the last Report, iii. a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa, iv. 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, v. the current valuation of the louis with respect to other foreign currency, vi. the total amount of louise and postal items in circulation.

FURTHERMORE, Section 4 of 38RZ15 “The Men in Black II Act” is amended to read as follows:

The Government’s Budget and Financial Planning Bill. 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:

i. 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; ii. 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; iii. 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.

The Seneschal shall take care to ensure that the budget presented will be sufficient to provide for all expenses of the Kingdom of Talossa until the next budget shall be presented, during the subsequent Cosa. This Bill cannot be submitted to the Ziu without the presence of the Financial Report required in section 3 comprehensive of all its part.

FURTHERMORE, Section 5 of 38RZ15 “The Men in Black II Act” is amended to read as follows:

Legislative Authority Requirement. All withdrawals from the Royal Treasury (except as provided for by clause 6, below) must be authorized by action of the Ziu approving the expense for which the withdrawal is made, either in the omnibus Budget and Financial Planning Bill required by clause 4, above, or through approval of supplemental budgeting legislation. In accordance with such authorized budgeted expenses, the Government of the day is empowered to requisition such funds from the Royal Treasury (said withdrawal to be performed in fact only by the Royal Treasurer or an authorised deputy).

FURTHERMORE, Section 6 of 38RZ15 “The Men in Black II Act” is amended to read as follows:

Emergency Spending. During times when any budgeted funds have been exhausted, when no budget has been approved due to rejection by the Ziu, lack of the Financial Report or dissolution of the Cosa without action on a budget; the Prime Minister may issue a Prime Dictate to provide only for emergency spending, but may not act to cause withdrawal of funds from the Royal Treasury to fulfill the terms of any Prime Dictate unless and until the King has explicitly assented to the Prime Dictate.

Noi urent q'estadra sa:
C. Carlüs Xheraltescu (MC, ZRT)
Miestrâ Schivâ, UrN (MC, ZRT)
Eoin Ursüm (MC, ZRT)
Sariah Gipson (MC, ZRT)¹
Mximo Carbonél (MC, ZRT)
Munditenens Tresplet (MC, RUMP)

Scribe's Notes

¹ MC Gipson was determined to be a non-existent person in the ESB Affair.