11-16-2006, 07:20 AM
Quote:
A Bill
To Establish Pertinent Regulations for the Foundation of a Hanoverian Economy
BE IT ENACTED by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
Section 1: Citation
This bill may be cited as the Economy Act (2006).
Section 2: Currency
1. The currency to be used by the Kingdom of Hanover shall be the Hanoverian Talen. It shall be symbolised by "f".
2. There shall be an initial circulation of f100,000 in the entire economy.
3. The Hanoverian Talen shall be floated on the MX2 currency exchange market.
Section 3: Bank Accounts
1. Every Hanoverian citizen shall require a bank account.
2. Companies, organisations and foreigners may also set up accounts. To obtain an account, they must apply for one from His Majesty's Treasury.
3. Each person, company or organisation may have a maximum of one account with each bank, with a maximum of three accounts in total.
4. Each account holder may make transactions, open and close their account at any time.
5. A transaction may be made between two citizens for any reason.
6. All transactions shall be recorded by His Majesty's Treasury. Transactions shall be reported at the end of each week.
7. His Majesty's Treasury reserves the right to refuse any transaction.
8. All economic crimes shall be dealt with as specified in the pertinent law.
Section 4: Bank of Hanover
1. The Bank of Hanover shall be the instrument of the Hanoverian Government in implementing monetary policy, ensuring the stability of the financial system and the payments system. The Government has liability for the actions of the Bank of Hanover.
2. Other banks may be chartered by citizens of Hanover, with the approval of His Majesty's Treasury. For all banks other than the Bank of Hanover, bank employees shall have liability.
3. All banks, including the Bank of Hanover, shall have a fractional reserve banking system, with legal requirements set at 25%.
4. The Government will have an account separate to the Bank of Hanover.
5. Interest shall be paid to all bank accounts and charged on loans monthly.
6. Interest rates shall be set by either the First Lord of the Treasury or the Chancellor of the Exchequer at the beginning of each quarter.
Section 5: Salaries
1. Salaries for employees of the Crown shall be decided by the First Lord of the Treasury. Salaries for employees of private enterprises shall be decided by the employer.
2. Salaries for all employees shall be paid to each citizen’s bank account at the end of each week.
3. If a citizen takes on several jobs, (s)he shall be paid for all of those jobs.
Section 6: Activity Bonuses
A citizen shall receive a bonus payed to their bank account by the government when they have posted a specified number of meaningful posts on the Hanoverian Message Boards. The bonuses shall be as follows:
For the 20th post: f20.00;
For the 50th post: f30.00;
For the 100th post: f40.00;
For every subsequent 50th post: f50.00.
Section 7: Taxes
1. There shall be no taxes paid to the government save in accordance with an Act of Parliament.
2. Income tax shall be paid on the amount of money earned by a citizen each quarter.
3. Company tax shall be paid on the amount of money earned by a company each quarter.
4. Tax rates shall be announced by the Government before the tax is payable.
Section 8: Exchange Fee
The Bank of Hanover shall charge f1.00 for every transaction of Hanoverian Talen into a foreign currency.
Section 9: Savings Bonds
1. The Bank of Hanover shall offer savings bonds.
2. Savings bonds shall be capital guaranteed.
3. Savings bonds are offered which can either mature after 1 month, 2 months, 3 months or 6 months.
4. Savings bonds shall have a fixed interest rate, with interest paid when the bond matures.
5. The interest rates for savings bonds are as follows:
For savings bonds that mature after 1 month: 10%;
For savings bonds that mature after 2 months: 15%;
For savings bonds that mature after 3 months: 20%;
For savings bonds that mature after 6 months: 40%.
Section 10: Government Bonds
1. If ever it appears that the Hanoverian Government shall not be able to collect enough revenue to cover its expenditures through taxation, the His Majesty's Treasury may issue government bonds (gilts).
2. Short gilts may mature at any time that His Majesty's Treasury may direct before the closing of the sixth month. Medium gilts may mature at any time that His Majesty's Treasury may direct after the closing of the sixth month and before the closing of the twelfth month. Long gilts may mature at any time that His Majesty's Government may direct after the closing of the twelfth month and before the closing of the eighteenth month.
3. Gilts shall be issued by groups of ten, twenty or fifty. Individuals shall invest in individual gilts, which shall cost f5.00 per gilt.
4. The interest rates for gilts shall depend on the order in which the group was issued in comparison to other groups which had been issued and not matured prior. No more than five groups of gilts shall be issued at one time.
5. The order of the groups shall be considered, for example, in such manner where if there are two groups issued but not matured, and one group matures, but not the other, the next group would take on the interest rate of a second group regardless of which group matured, and the group that did not mature shall maintain its previous interest rate.
6. The interest rates for gilts are as follows:
Of the first group: 4%;
Of the second group: 8%;
Of the third group: 16%;
Of the fouth group: 32%;
Of the fifth group: 64%.
Section 11: Economic Activities
Legitimate economic activities the the Kingdom of Hanover shall extend solely to real products and services. Simulated products shall not be legitimate products under the Hanoverian economy.
Section 12: Economic Halt
His Majesty's Treasury reserves the right to halt any or all parts of the Hanoverian economy at any time, for whatever reason.
Section 13: Commencement
This act shall come into force upon receiving Royal Assent.
To Establish Pertinent Regulations for the Foundation of a Hanoverian Economy
BE IT ENACTED by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
Section 1: Citation
This bill may be cited as the Economy Act (2006).
Section 2: Currency
1. The currency to be used by the Kingdom of Hanover shall be the Hanoverian Talen. It shall be symbolised by "f".
2. There shall be an initial circulation of f100,000 in the entire economy.
3. The Hanoverian Talen shall be floated on the MX2 currency exchange market.
Section 3: Bank Accounts
1. Every Hanoverian citizen shall require a bank account.
2. Companies, organisations and foreigners may also set up accounts. To obtain an account, they must apply for one from His Majesty's Treasury.
3. Each person, company or organisation may have a maximum of one account with each bank, with a maximum of three accounts in total.
4. Each account holder may make transactions, open and close their account at any time.
5. A transaction may be made between two citizens for any reason.
6. All transactions shall be recorded by His Majesty's Treasury. Transactions shall be reported at the end of each week.
7. His Majesty's Treasury reserves the right to refuse any transaction.
8. All economic crimes shall be dealt with as specified in the pertinent law.
Section 4: Bank of Hanover
1. The Bank of Hanover shall be the instrument of the Hanoverian Government in implementing monetary policy, ensuring the stability of the financial system and the payments system. The Government has liability for the actions of the Bank of Hanover.
2. Other banks may be chartered by citizens of Hanover, with the approval of His Majesty's Treasury. For all banks other than the Bank of Hanover, bank employees shall have liability.
3. All banks, including the Bank of Hanover, shall have a fractional reserve banking system, with legal requirements set at 25%.
4. The Government will have an account separate to the Bank of Hanover.
5. Interest shall be paid to all bank accounts and charged on loans monthly.
6. Interest rates shall be set by either the First Lord of the Treasury or the Chancellor of the Exchequer at the beginning of each quarter.
Section 5: Salaries
1. Salaries for employees of the Crown shall be decided by the First Lord of the Treasury. Salaries for employees of private enterprises shall be decided by the employer.
2. Salaries for all employees shall be paid to each citizen’s bank account at the end of each week.
3. If a citizen takes on several jobs, (s)he shall be paid for all of those jobs.
Section 6: Activity Bonuses
A citizen shall receive a bonus payed to their bank account by the government when they have posted a specified number of meaningful posts on the Hanoverian Message Boards. The bonuses shall be as follows:
For the 20th post: f20.00;
For the 50th post: f30.00;
For the 100th post: f40.00;
For every subsequent 50th post: f50.00.
Section 7: Taxes
1. There shall be no taxes paid to the government save in accordance with an Act of Parliament.
2. Income tax shall be paid on the amount of money earned by a citizen each quarter.
3. Company tax shall be paid on the amount of money earned by a company each quarter.
4. Tax rates shall be announced by the Government before the tax is payable.
Section 8: Exchange Fee
The Bank of Hanover shall charge f1.00 for every transaction of Hanoverian Talen into a foreign currency.
Section 9: Savings Bonds
1. The Bank of Hanover shall offer savings bonds.
2. Savings bonds shall be capital guaranteed.
3. Savings bonds are offered which can either mature after 1 month, 2 months, 3 months or 6 months.
4. Savings bonds shall have a fixed interest rate, with interest paid when the bond matures.
5. The interest rates for savings bonds are as follows:
For savings bonds that mature after 1 month: 10%;
For savings bonds that mature after 2 months: 15%;
For savings bonds that mature after 3 months: 20%;
For savings bonds that mature after 6 months: 40%.
Section 10: Government Bonds
1. If ever it appears that the Hanoverian Government shall not be able to collect enough revenue to cover its expenditures through taxation, the His Majesty's Treasury may issue government bonds (gilts).
2. Short gilts may mature at any time that His Majesty's Treasury may direct before the closing of the sixth month. Medium gilts may mature at any time that His Majesty's Treasury may direct after the closing of the sixth month and before the closing of the twelfth month. Long gilts may mature at any time that His Majesty's Government may direct after the closing of the twelfth month and before the closing of the eighteenth month.
3. Gilts shall be issued by groups of ten, twenty or fifty. Individuals shall invest in individual gilts, which shall cost f5.00 per gilt.
4. The interest rates for gilts shall depend on the order in which the group was issued in comparison to other groups which had been issued and not matured prior. No more than five groups of gilts shall be issued at one time.
5. The order of the groups shall be considered, for example, in such manner where if there are two groups issued but not matured, and one group matures, but not the other, the next group would take on the interest rate of a second group regardless of which group matured, and the group that did not mature shall maintain its previous interest rate.
6. The interest rates for gilts are as follows:
Of the first group: 4%;
Of the second group: 8%;
Of the third group: 16%;
Of the fouth group: 32%;
Of the fifth group: 64%.
Section 11: Economic Activities
Legitimate economic activities the the Kingdom of Hanover shall extend solely to real products and services. Simulated products shall not be legitimate products under the Hanoverian economy.
Section 12: Economic Halt
His Majesty's Treasury reserves the right to halt any or all parts of the Hanoverian economy at any time, for whatever reason.
Section 13: Commencement
This act shall come into force upon receiving Royal Assent.