Post by Deleted on Nov 22, 2018 18:33:53 GMT
(Incorporating the Central Bank and Common Currency Act Amendment of 2018, the Credit Coinage Commonsensical Codification and the People's Central Bank Act)
Category: Role Play
Author: Gervase (Amendments authored by 124mm10, Gribelt and Student Loan Debt respectively)
Co-Sponsors: The Saint James Islands, Corujea, Cilldara and Lemur Isles
An Act to establish a common currency and central bank for the Democratic Socialist Assembly, and to make provisions for regulating the same
Chapter I: General Provisions
Title. This act may be cited as the “Central Bank and Common Currency Act.”
Chapter II: The Labour Credit of the Democratic Socialist Assembly
1. Establishment, name, and symbol.
a. The Labour Credit of the Democratic Socialist Assembly (hereinafter “Labour Credit”) is hereby established as the region’s common currency.
b. The currency’s name may be abbreviated and encoded as LCR.
c. When a single symbol to represent the currency is desired, ℄ shall be used. The symbol shall precede the amount.
d. The Labour Credit shall be subdivided into 100 cents.
2. Official status. The Labour Credit shall be the official currency of the Institutions of the DSA. Institutions shall denominate their budgets in Labour Credits.
3. Notes and coins.
a. The Labour Credit shall be issued in denominations of, in coin, .1, .2, .5, 1, and 2 Labour Credits, and in notes, of 5, 10, 20, 50, 100, 200, and 500 Labour Credits.
b. Notes and coins shall be of a design to be approved by the Minister of Role Play.
c. Notes shall be rectangular in shape and shall increase in area with their value.
d. Notes shall be constructed of polymer.
4. Effective date.
a. The Labour Credit shall become legal tender for the DSA and for the nations adopting it when this act comes into force.
b. The Labour Credit shall be used as an electronic currency and unit of account until such time as the design of its notes and coins is approved.
5. Value. Upon its introduction, the value of the Labour Credit shall be set at LCR 1 = 1 NS Dollar. Its value may then float.
6. Eligibility.
a. Any Resident Nation of the DSA may elect to adopt the Labour Credit as legal tender, either instead of or in addition to its previous currency.
b. No nation may be compelled to adopt the Labour Credit.
c. No nation which has adopted the Labour Credit may be compelled to abandon it.
Chapter III: The People’s Central Bank
1. Establishment. The People’s Central Bank of the Democratic Socialist Assembly (PCB) is hereby established.
2. Governance.
a. The PCB shall have its headquarters in the Capitol of the DSA.
b. The PCB shall be governed by a Governor of the Bank. The Governor shall be appointed by the Minister of Role-Play or Director of Trade and Commerce or filled by the Minister of Role-Play or Director of Trade and Commerce.
c. There shall be a Board of Advisors consisting of nations that have adopted the Labour Credit who shall be consulted by the Governor of the Bank on all new policy and consulted for thoughts before the policy is passed.
d. The PCB shall operate autonomously from the institutions the DSA, except that the Minister of Role-Play or its designate shall exercise such oversight as is necessary to ensure that the Charter is upheld by the PCB.
3. Duties.
a. The PCB shall issue the Labour Credit.
b. The PCB shall create and execute sound monetary policy.
c. In making policy decisions, the PCB shall give priority to encouraging the fullest level of employment across the countries that have adopted the Labour Credit. It shall secondarily endeavor to prevent excessive inflation and ensure price stability.
d. The PCB shall establish a bank rate at which its funds may be borrowed, and shall maintain adequate cash reserves.
Chapter IV: The DSA System of Central Banks
1. Establishment. The DSA System of Central Banks (hereinafter “System”) is hereby established.
2. Composition. The System shall be composed of the national central banks of every nation which adopts the Labour Credit and elects to retain its national central bank.
3. Duties.
a. Central banks in the System shall serve as repositories and clearinghouses for reserves of Labour Credits and other reserves of such currencies, monetary instruments, and precious metals as the Governor of The Bank of the PCB shall direct.
b. Regulatory duties assigned to central banks in the System by their national governments shall be unaffected.
Category: Role Play
Author: Gervase (Amendments authored by 124mm10, Gribelt and Student Loan Debt respectively)
Co-Sponsors: The Saint James Islands, Corujea, Cilldara and Lemur Isles
An Act to establish a common currency and central bank for the Democratic Socialist Assembly, and to make provisions for regulating the same
Chapter I: General Provisions
Title. This act may be cited as the “Central Bank and Common Currency Act.”
Chapter II: The Labour Credit of the Democratic Socialist Assembly
1. Establishment, name, and symbol.
a. The Labour Credit of the Democratic Socialist Assembly (hereinafter “Labour Credit”) is hereby established as the region’s common currency.
b. The currency’s name may be abbreviated and encoded as LCR.
c. When a single symbol to represent the currency is desired, ℄ shall be used. The symbol shall precede the amount.
d. The Labour Credit shall be subdivided into 100 cents.
2. Official status. The Labour Credit shall be the official currency of the Institutions of the DSA. Institutions shall denominate their budgets in Labour Credits.
3. Notes and coins.
a. The Labour Credit shall be issued in denominations of, in coin, .1, .2, .5, 1, and 2 Labour Credits, and in notes, of 5, 10, 20, 50, 100, 200, and 500 Labour Credits.
b. Notes and coins shall be of a design to be approved by the Minister of Role Play.
c. Notes shall be rectangular in shape and shall increase in area with their value.
d. Notes shall be constructed of polymer.
4. Effective date.
a. The Labour Credit shall become legal tender for the DSA and for the nations adopting it when this act comes into force.
b. The Labour Credit shall be used as an electronic currency and unit of account until such time as the design of its notes and coins is approved.
5. Value. Upon its introduction, the value of the Labour Credit shall be set at LCR 1 = 1 NS Dollar. Its value may then float.
6. Eligibility.
a. Any Resident Nation of the DSA may elect to adopt the Labour Credit as legal tender, either instead of or in addition to its previous currency.
b. No nation may be compelled to adopt the Labour Credit.
c. No nation which has adopted the Labour Credit may be compelled to abandon it.
Chapter III: The People’s Central Bank
1. Establishment. The People’s Central Bank of the Democratic Socialist Assembly (PCB) is hereby established.
2. Governance.
a. The PCB shall have its headquarters in the Capitol of the DSA.
b. The PCB shall be governed by a Governor of the Bank. The Governor shall be appointed by the Minister of Role-Play or Director of Trade and Commerce or filled by the Minister of Role-Play or Director of Trade and Commerce.
c. There shall be a Board of Advisors consisting of nations that have adopted the Labour Credit who shall be consulted by the Governor of the Bank on all new policy and consulted for thoughts before the policy is passed.
d. The PCB shall operate autonomously from the institutions the DSA, except that the Minister of Role-Play or its designate shall exercise such oversight as is necessary to ensure that the Charter is upheld by the PCB.
3. Duties.
a. The PCB shall issue the Labour Credit.
b. The PCB shall create and execute sound monetary policy.
c. In making policy decisions, the PCB shall give priority to encouraging the fullest level of employment across the countries that have adopted the Labour Credit. It shall secondarily endeavor to prevent excessive inflation and ensure price stability.
d. The PCB shall establish a bank rate at which its funds may be borrowed, and shall maintain adequate cash reserves.
Chapter IV: The DSA System of Central Banks
1. Establishment. The DSA System of Central Banks (hereinafter “System”) is hereby established.
2. Composition. The System shall be composed of the national central banks of every nation which adopts the Labour Credit and elects to retain its national central bank.
3. Duties.
a. Central banks in the System shall serve as repositories and clearinghouses for reserves of Labour Credits and other reserves of such currencies, monetary instruments, and precious metals as the Governor of The Bank of the PCB shall direct.
b. Regulatory duties assigned to central banks in the System by their national governments shall be unaffected.