User:Ugot/proposal

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

1.5.1. collect all revenues due to the King,

1.5.2. 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

1.5.3. disburse from the treasury all funds legitimately appropriated by the Ziu,

1.5.4. keep a record of all changes in the account balances of the Royal Treasury.

1.5.5. audit the reported financial condition of His Majesty's investments at any time.

1.5.6. provide, upon request of the Minister of Finance and any other time stated in law, a Financial Report containing the following information:

1.5.6.1. the amount, location, liquidity, and availability of all funds held by or for the Royal Treasury,

1.5.6.2. a detailed list of all changes in the account balances of the Royal Treasury since the last Report,

1.5.6.3. a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,

1.5.6.4. the total amount of louise and postal items in circulation;

1.5.7. All accounts and other monies held by the Royal Treasury shall be held in the name of both the King and the Burgermeister, in such a way that the King shall be able to perform the functions of the Burgermeister in case of the Burgermeister's absence, on his own initiative or upon request of the Minister of Finance.

2.8.2.8

2.8.2.9

2.8.2.10

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.

Proposal

1. Lexh.C.1.5 shall be amended to read as follows:

1.5. The Fisc Rexhital (in english, the Royal Treasury), headed by the Citanal dels Revenüns Inphätsilor (in english, Burgermeister of Inland Revenue).

1.5.1. The function of the Treasury is to:

1.5.1.1. collect all revenues;

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

1.5.1.3. disburse from the Treasury all funds legitimately appropriated;

1.5.1.4. keep a record of all changes in the account balances;

1.5.1.5. audit the reported financial condition of investments at any time.

1.5.1.6. provide at any time stated in M.2.1. a Financial Report in compliance wiht M.2.;

1.5.2. All accounts and other monies held by the Royal Treasury shall be held in the name of both the King and the Burgermeister, in such a way that the King shall be able to perform the functions of the Burgermeister in case of the Burgermeister's absence on his own initiative or upon request of the Minister of Finance.

1.5.3. The Burgermeister is ex officio the Aðmistreir del Banqeu es Post Rexhital (in english, Chairman of the Royal Bank & Post), unless the Minister of Finance appoints a Deputy of the Fisc Rexhital to that position.

2. Lexh D.2.8 shall be amended to read as follows:

2.8. The Ministreu dal Finançù (in english, the Minister of Finance), heading the Ministrà dal Finançù (in english, Ministry of Finance). The Ministrà is responsible for

2.8.1. setting and implementing the financial and economic policies of the Kingdom;

2.8.2. drawing up the Budget and Financial Planning Bill, in compliance with M.3.;

2.8.3. directing the Burgermeister of Inland Revenue as to the investment of that portion of the Royal Treasury set aside by the Budget according with M.3.1.3.;

2.8.4. directing the Chairman of the Royal Bank & Posts as to the regulation and issuing of tokens, postal paraphernalia and commemorative items of the Kingdom according with M.3.1.5;

2.8.5. managing voluntary fundraising campaigns, in compliance with M.8.;

2.8.6. managing the Register of Talossan Enterprises, as provided in M.11.;

2.8.7. publishing information as to the value of the Talossan Units of Account against other currencies as and when necessary, desired or requested.

3. A new Title M is added to read as follows:

Title M: Economy, finance and Trade

1. General Provisions.

1.1. All accounts and other monies held by the Royal Treasury shall be held in the name of both the King and the Burgermeister, in such a way that the King shall be able to perform the functions of the Burgermeister in case of the Burgermeister's absence on his own initiative or upon request of the Minister of Finance.

1.2. The financial period goes from the 1st day of the 1st Clark of a Cosă term to day before the 1st Clark of the subsequent Cosă term.

1.3. Any section of the Lexhatx shall be interpreted in such a way as to require compulsory taxation or mandatory donations of any kind.

1.4. All financial documents should draw up monetary value in both the Talossan Units of Account as defined in M.8 and USD.

2. Financial Reports.

2.1. The Burgermeister is required to issue a:

2.1.2. a Preliminary Financial Report no later than 30 calendar days following the issuance of the Writ of Dissolution of the Cosă;

2.1.3. a Final Financial Report no later than 30 calendar days following the end of the financial period.

2.1.4. no later than 30 calendar days upon request of the Minister of Finance or upon request of a petition signed by Membreux dal Cosă representing at least one-third of seats;

2.2. Financial Reports shall contain the following informations at the end of the financial period or at the date of issuing of the report if earlier:

2.2.1. PART A: the amount, location, liquidity, and availability of all funds held by or for the Royal Treasury;

2.2.2. PART B: the total amount and equivalent value of tokens, postal paraphernalia and commemorative items held by the Banqeu es Post Rexhital;

2.2.3. PART C: the total amount and equivalent value of tokens and postal paraphernalia in circulation;

2.2.2. PART D: an income statement which clearly groups revenues and expenses linking them to the relative sheet items in the appropriating and budget acts;

2.2.3. PART E: a detailed list of all changes in the account balances of the Royal Treasury since the start of the financial period,

3. Budget and Financial Planning Bill

3.1. The Minister of Finance (or, if the Minister of Finance is not a Member of the Cosa, an MC designated by the Minister of Finance) shall be required to submit to the Ziu, in time for consideration by the second Clark of the Cosa, a government bill approved by the whole Cabinet, to be entitled the "Budget and Financial Planning Bill for the (X)th Cosa" (heirenafter called Budget), which shall contain the following:

3.1.2. PART A: a detailed budget of the Kingdom of Talossa, listing all planned expenses of the State through the current financial period, specifying the amounts to be requisitioned for each Cabinet Ministry or Officer of the Royal Civil Service and the purpose of each such expense, sufficient to provide for all expenses of the Kingdom of Talossa until the next budget shall be presented, during the subsequent Cosa;

3.1.3. PART B: any amount of the Treasury to be set aside for investment, and the investment policy that will be pursued;

3.1.4. PART C: the expected amount of revenues through the current financial period and the target for the voluntary fundraising campaign proposed towards the upkeep of the State.

3.1.5. PART D: the total amount of any planned tokens minting and printing, postage issuance and commemorative items to be executed by the Royal Bank & Post during the term of the financial period;

3.2. The Budget shall always include funds for re-imbursing the Talossan Web Registrant and others for any payments towards domain registration and hosting on talossa.com and other government run websites made during the previous Cosa term that were not re-imbursed during the previous Cosa term, provided that the government or the previous government has been informed about these payments properly and on time.

4. Appropriations. All withdrawals from the Royal Treasury (except as provided for by M.5 and M.6) must be authorized by action of the Ziu approving the expense for which the withdrawal is made, either in the Budget required by M.3 above, or by 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 Burgermeister of Internal Revenue or an authorised deputy) until the end of the financial period.

5. Perpetual spending authority The Ziu hereby perpetually authorises the follwing expenditures, provided that all payments made under direction of this authority should be reported as according to normal procedure by the Burgermeister:

5.1. the annual and ongoing expenditure of ℓ60 by the Burgermeister of Internal Revenue for the specific and sole purpose of paying for the annual domain name registration of talossa.com and for associated webhosting services as selected by the Seneschal or their designated representative;

5.2. disbursements solely for the purpose of postage and shipping of tokens, postal paraphernalia and commemorative items by the Royal Bank & Post;

5.3. the expenditures by the Government of the day of the non exhausted appropriated funds in the previous Budget from the end of the financial period to the end of the month of the Second Clark provided that no funds shall be disbursed without a Notice of Disbursement having first been transmitted to the Ziu at least 7 days prior to the disbursement. Notices shall contain details of the purchase and a cost estimate for the purchase, or the total amount paid if seeking funds for reimbursement. Copies of receipts and/or invoices will be provided upon request to Members of the Ziu.

6. Emergency Spending. During times when any budgeted funds have been exhausted, when no Budget has been approved by the Ziu in the Second Clark, lack of the Financial Report or dissolution of the Cosa without approval of the new Budget; the Seneschal may issue a Prüm Diktat 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 Priüm Diktat unless and until the King has explicitly assented to it.

7. Spending Authority Removal. At any time before an allocation is disbursed by the Burgermeister of Inland Revenue, members representing at least one-third of the Cosa by seats may petition the Government that such spending shall not be incurred until such issuance shall be ordered or restored by an act of the Ziu.

7.1. The Burgermeister of Inland Revenue shall be required to grant all such petitions until such time as an act of the Ziu restores the funding.

8. Voluntary fundraising campaign. The Minister of Finance may take such actions as might be necessary to create, manage, and promote in each financial period a voluntary fundraising campaign to the citizens of Talossa and other interested parties each year. The targeted amount for this campaign shall be the amount given in M.3.1.4.

8.1. Unless otherwise authorized by the Ziu, the fundraising campaign will be concluded in a given financial period once that targeted amount is reached.

8.2. Unless otherwise authorized by the Ziu, no more than one fundraising campaign per financial period will be conducted.

8.3. All donations shall be duly tendered to the Burgermeister of Inland Revenue for deposit and safe-keeping within the Royal Treasury.

9. Talossan Units of Account.

9.1. 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.

9.2. 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.

9.3. The 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.

10. El Banqeu es Post Rexhital. The Banqeu es Post Rexhital (in english, Royal Bank & Post) is responsible for issuing the tokens, postal paraphernalia and commemorative items of the Kingdom.

10.1. 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.

10.1.1. First 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 to be determined by the Royal Bank and Post representative of some aspect of Talossan culture, a large "ℓ" with an amount representing the coin denomination being minted, and an inscription of the denomination of the coin in the Talossan language.

10.2. 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 denomination, 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.

10.3. Redemption Forbidden. Postal items and Tokens may never be redeemed to the Royal Bank & Post for their face value or any other value.

10.4. 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.

10.5. Disposition of Profit. All profit in the form of foreign currency which is realized from the sale of tokens, postal items, and commemoratives 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.

11. The Register of Talossan Enterprises. The Finance Minister shall create a Register of Talossan Enterprises, available to all Talossan citizens. Any Talossan who produces goods and services, whether commercially or as a hobby, may provide a description, no longer than 100 words, of their enterprise together with their contact details, for the purposes of advertisement and information. An enterprise shall be removed from the register at the request of the registrant; or by a determination by the Finance Minister that the enterprise is no longer active, or not of a character with which the Kingdom of Talossa wishes to be associated. Such determinations shall be subject to judicial review.