Thomas O Ceallaigh 
Minister for Baile na hÁlainn
Former President of Talamthom
11/06/04 - 19/06/05
Citizen of Talamthom
Knight of Gotzborg and Alexandria
DLP
Posts: 2887
(20/2/06 11:19)
|
DT2006-001 - New Economy for Talamthom Act.
Article 1.
1. This act shall officially be cited as the “New Economy for Talamthom Act, 2006”.
Article 2. Currency used in Talamthom, Euro-Talamthom exchange rate, amount of currency in circulation.
1. The currency to be used by the Republic of Talamthom shall be the Tomanach Harp. It shall be symbolized by “TH” or “H”.
2. The official Harp-Euro rate shall be one Harp to one Euro.
3. A total of TH 4,000,000 shall be circulated initially.
Article 3. Bank accounts
1. Every Tomanach citizen is entitled to a bank account. Businesses, organizations and foreigners may also set up bank accounts.
2. To establish a bank account, an individual or an organization’s representative must apply to the Chairman of a Bank, Central Bank or similar non-bank financial institution. The chairman must then report this to the Home Office to allow for processing of transactions.
3. All transactions shall be recorded by the Home Minister through a post on the message boards. A transaction must be acknowledged by the second party before it will be recorded, and after it is performed, the Home Minister must be notified. Transactions shall be reported at the end of each week.
4. The Home Minister reserves the right to refuse to process any transaction, but must provide a valid reason for the refusal within seven (7) days of issuing such a statement.
Article 4. Banking System – MX2, Central Bank of Talamthom
1. The Central Bank of Talamthom shall be the instrument of the Tomanach Government in implementing monetary policy, ensuring the stability of the financial system and the payments system. The Central Bank of Talamthom shall also be the bankers’ bank and the government’s bank.
2. The Government has liability for the actions of the Central Bank. The Central Bank of Talamthom shall be hosted on PHP MX 2.
3. Other banks may be charted by citizens of Talamthom, as may other non-bank financial institutions, with the approval of the Home Office. For all banks other than the Central Bank, bank employees shall have liability.
4. All banks must ensure that each account holder will be permitted to make transactions, open and close their account at any time, notwithstanding Article 10.
5. All banks, including the Central Bank, shall maintain a full-reserve system for liquidity purposes. The Home Office shall regulate all banks in their achievement of this.
6. All non-bank financial institutions shall maintain sufficient liquidity to deal expected transactions. The Home Office shall head a committee overseeing the achievement of this, and enforce its application.
7. The government shall have a separate account to the Central Bank.
8. The Central Bank may offer government bonds, which shall be capital guaranteed.
Article 5. Interest Rates
1. Interest rates may be paid for amounts of money in bank accounts, and may be charged on loans by the banks or non-bank financial institutions.
2. Official interest rates shall be set by the Home Office at the beginning of each quarter, or part thereof.
Article 6. Salaries and wages
1. Government salaries shall be set by the Government Wages Act.
2. Some or all government wage rates may be temporarily altered by Presidential Decree, on advice of the Home Office, for a period of no longer than three (3) weeks, in exceptional situations.
3. Salaries for all employees shall be paid to each citizen’s bank account at the end of each week.
4. If a citizen takes on several jobs, he/she shall be paid for all jobs.
Article 7. Taxation
1. Rules of taxation, starting rates and other taxation details shall be set in the relevant Taxation Act.
2. The first period of taxation shall begin on a date to be set in the Taxation Act, or by Presidential Decree, on advice of the Home Office.
Article 8. Stock Market
1. A stock market shall be set up, pursuant to all rules and regulations set forth in the Stock Market Act.
2. The stock market shall open on a date to be set by the Home Office.
Article 9. Reclaiming assets under last economic system
1. Within 2 weeks of the opening of the economy, the Home Office shall declare the beginning of period of 4 weeks in which citizens who had bank accounts under the previous economic system shall be able to claim back their bank account with all monies and associated entitlements.
2. Money and entitlements from any bank account that has not been claimed within the declared 4 week period shall revert the Crown, and shall return to the Central Bank.
Article 10. Freezing assets
The Home Office reserves the rights to, at any time, freeze any or all parts of the economy, for whatever reason. This may only be achieved through a Presidential Decree, on advice and countersignature of the Home Office, and countersignature of the Prime Minister.
Article 11. Grants, Post Bonuses
1. All newly established firms headquartered in the Republic of Talamthom shall receive a grant of 150 Harps per month from the Central Bank once they are registered and open an account in the Central Bank.
2. All newly established firms that are not headquartered in the Republic of Talamthom shall receive a grant of 100 Harps per month from the Central Bank once they are registered and open an account in the Central Bank.
3. A Tomanach citizen that opens an account in the central Bank shall receive a grant of 300 Harps.
4. A foreigner that opens an account in the Central Bank shall receive a grant of 100 Harps.
5. All newly established firms headquartered in the Republic of Talamthom shall receive a grant titled the “National Business Grant”. The grant shall be of 800 Harps a month for the first five (5) months of the firm’s existence.
6. New grants may be established by law, only if the nation’s finances allow for the grants to be given. The Home Office has the right to lower grant amounts only when extraordinary economic circumstances require it.
7. All newly established firms requesting a forum for their company shall receive their first month of rent free. They shall also receive a tax break of one month, after which the government may tax accordingly.
8. The Home Office has the power to grant nations a “Most Favored Nation” status in trade. This designation must be approved by the Dail through a simple majority vote. Companies originating from these nations shall receive a grant of 200 Harps upon registration and confirmation of their origin.
9. A citizen shall receive a bonus paid to their bank account by the government when they have posted a specified number of posts on the National Message Boards. The bonuses shall be as follows:
Post Bonuses Harps
20th 50
50th 100
100th 150
every subsequent 50 200
Article 12.
This act shall become law once it receives the President's signature.
_________________________________________
Tomás Seosamh Ó Ceallaigh,
Foreign and Overseas Territories Minister,
Poblacht na Tománn.
 |
Email This To a Friend
Topic Commands
Click to receive email notification of replies 
Click to stop receiving email notification of replies