Post by King James I on Jun 11, 2007 12:04:53 GMT
I present to you, The Citizens Wealth Act 2007. Debate on this topic shall close in 3 days, at which point it'll be moved to the Exterior for the vote.
Citizens Wealth Act 2007
_________________________________________________
The following legislation shall outline the Jamzinian currency, it’s circulation and also the boundaries and procedure for currency conversions and ultimately their impact on the Jamzinian economy;
_________________________________________________
Article 1 - Circulation Of Currency
1. The Jamzinian Dollar (JD$) shall be the only form of currency accounted for in Jamzinia. Wealth checks shall not include foreign currency, nor shall it include those who do not hold Jamzinian citizenship.
2. The Bank Of Klemmen shall retain the sole right to increase the number of JD$ in circulation. The House Of The Exterior, however, maintain the right to prevent an injection of new money taking place. This shall contribute to a number of measures protecting the Jamzinian economy against inflation, and the decrease in value of the Jamzinian dollar.
Article 2 - Conversion Procedure
1. Foreign currencies may be converted to JD$, but only in the circumstances of the purpose being to spend the money on a business that is ultimately able to buy an intermicronational product or service from that person’s native country, or the country from which the original currency originated, in return, using the Jamzinian Dollar.
2. Foreign peoples carrying out business in Jamzinia, who have received any sum of money over JD$1000 must have transferred their money over to their native (or other) country within a period of 7 days of the transaction taking place. After this time, the money shall be withdrawn from their account with the assumption that they have successfully transferred their money. Failure to do so, is within their boundaries of responsibility. The money withdrawn from their account is to be withdrawn from circulation also.
3. Foreign people holding any sum of money within Jamzinia shall not be included in the wealth list. This is due to the assumption that the money they hold is in circulation in their native country. Foreign people are to be classed as those who do not hold Jamzinian citizenship.
Article 3 - Loans & Debt
1. Loans shall be available to those people holding Jamzinian citizenship. All loans must be in the form of the Jamzinian Dollar.
2. The Bank Of Klemmen shall have the power to accept or reject loan requests from citizens of Jamzinia. This power is delegated and originates from the monarch and the House Of The Exterior. Therefore, should the bank have no management or should either the monarch or a member of the Exterior disagree with a decision made by the Bank, the government and monarch reserve the right to veto the decision. In these circumstances, a standard vote must take place in the House Of The Exterior, in which each member of the Exterior and the Monarch vote upon the decision which shall ultimately be final.
3. All loans of the Bank of Klemmen must be paid back within one year of the transaction taking place. Failure to do so will result in legal action.
4. The money a citizen or business holds from a loan is not classed as wealth. The loan is classed as debt - an outstanding payment that is owed.
Article 4 - Assets & Reprimands
1. Once a year has passed from which a loan was taken out, the citizen or business must have paid back the full amount. Failure to do so will result in legal proceedings, on behalf of the Bank Of Klemmen. Penalisation will occur in the form of the following;
(a) The outstanding amount is to be taken back, in full. Should the money in the citizen/business’s account not account for the whole sum, assets may be seized by the Bank of Klemmen.
(b) Assets are classed as items of value. This may be shares, items, businesses, or things such as football clubs, or race horses.
(c) It shall be the decision of the court of Jamzinia to decide upon which assets are taken. This should be relevant to the amount owed, and should not exceed the amount by a great distance.
(d) The Bank of Klemmen shall then keep the assets, offering them for sale to the Jamzinian public.
(e) Once the court is satisfied the relevant amount has been paid in full through money, or otherwise, the criminal shall be fined somewhere between 10% - 20% of the amount they had failed to pay. The fine shall be relevant to the circumstances and attitude of the wrongdoer. The fine must be paid back, either in monthly instalments or in full within a period of twelve months. Failure to pay this fine will result in more assets being taken, or a relevant alternative stripping privileges from the wrongdoer. The wrongdoer shall also have a ban from involvement in any Jamzinian business, the stock market, and also shall be prevented from taking out a loan from the Bank Of Klemmen for a period of which the court sees fit, imposed upon them.
Citizens Wealth Act 2007
_________________________________________________
The following legislation shall outline the Jamzinian currency, it’s circulation and also the boundaries and procedure for currency conversions and ultimately their impact on the Jamzinian economy;
_________________________________________________
Article 1 - Circulation Of Currency
1. The Jamzinian Dollar (JD$) shall be the only form of currency accounted for in Jamzinia. Wealth checks shall not include foreign currency, nor shall it include those who do not hold Jamzinian citizenship.
2. The Bank Of Klemmen shall retain the sole right to increase the number of JD$ in circulation. The House Of The Exterior, however, maintain the right to prevent an injection of new money taking place. This shall contribute to a number of measures protecting the Jamzinian economy against inflation, and the decrease in value of the Jamzinian dollar.
Article 2 - Conversion Procedure
1. Foreign currencies may be converted to JD$, but only in the circumstances of the purpose being to spend the money on a business that is ultimately able to buy an intermicronational product or service from that person’s native country, or the country from which the original currency originated, in return, using the Jamzinian Dollar.
2. Foreign peoples carrying out business in Jamzinia, who have received any sum of money over JD$1000 must have transferred their money over to their native (or other) country within a period of 7 days of the transaction taking place. After this time, the money shall be withdrawn from their account with the assumption that they have successfully transferred their money. Failure to do so, is within their boundaries of responsibility. The money withdrawn from their account is to be withdrawn from circulation also.
3. Foreign people holding any sum of money within Jamzinia shall not be included in the wealth list. This is due to the assumption that the money they hold is in circulation in their native country. Foreign people are to be classed as those who do not hold Jamzinian citizenship.
Article 3 - Loans & Debt
1. Loans shall be available to those people holding Jamzinian citizenship. All loans must be in the form of the Jamzinian Dollar.
2. The Bank Of Klemmen shall have the power to accept or reject loan requests from citizens of Jamzinia. This power is delegated and originates from the monarch and the House Of The Exterior. Therefore, should the bank have no management or should either the monarch or a member of the Exterior disagree with a decision made by the Bank, the government and monarch reserve the right to veto the decision. In these circumstances, a standard vote must take place in the House Of The Exterior, in which each member of the Exterior and the Monarch vote upon the decision which shall ultimately be final.
3. All loans of the Bank of Klemmen must be paid back within one year of the transaction taking place. Failure to do so will result in legal action.
4. The money a citizen or business holds from a loan is not classed as wealth. The loan is classed as debt - an outstanding payment that is owed.
Article 4 - Assets & Reprimands
1. Once a year has passed from which a loan was taken out, the citizen or business must have paid back the full amount. Failure to do so will result in legal proceedings, on behalf of the Bank Of Klemmen. Penalisation will occur in the form of the following;
(a) The outstanding amount is to be taken back, in full. Should the money in the citizen/business’s account not account for the whole sum, assets may be seized by the Bank of Klemmen.
(b) Assets are classed as items of value. This may be shares, items, businesses, or things such as football clubs, or race horses.
(c) It shall be the decision of the court of Jamzinia to decide upon which assets are taken. This should be relevant to the amount owed, and should not exceed the amount by a great distance.
(d) The Bank of Klemmen shall then keep the assets, offering them for sale to the Jamzinian public.
(e) Once the court is satisfied the relevant amount has been paid in full through money, or otherwise, the criminal shall be fined somewhere between 10% - 20% of the amount they had failed to pay. The fine shall be relevant to the circumstances and attitude of the wrongdoer. The fine must be paid back, either in monthly instalments or in full within a period of twelve months. Failure to pay this fine will result in more assets being taken, or a relevant alternative stripping privileges from the wrongdoer. The wrongdoer shall also have a ban from involvement in any Jamzinian business, the stock market, and also shall be prevented from taking out a loan from the Bank Of Klemmen for a period of which the court sees fit, imposed upon them.
