BE IT ENACTED by the Chamber of Deputies of the Talossan Republic in Parlamīnt assembled that Title VI (Economy, Finance and Trade) of el Codeu Federįl is replaced with the following:

TITLE VI. Economy, Finance, and Trade

Chapter 1. Ministry of Finance

Definitions




Accounts or Financial Accounts



All accounts maintained or under the cognizance of the Ministry of Finance for the purpose of carrying out its Office's duties, whether internet/electronic based or otherwise.



Account Administrators

Minister of Finance, President, and the Senschal



Duties, Responsibilities, and Defining the Ministry of Finance




1. Ministry of Finance



The Ministry of Finance shall be responsible for the public finance of the Republic of Talossa, including the collection and expenditure of revenue from whatever source arising, the supervision and control of all purchases made on behalf of the Republic of Talossa, and the supply and disposal of any and all commodities and goods held on behalf of the Republic of Talossa by any agency or Ministry of the Republic.



2. Minister of Finance



The head of the Ministry shall be titled the Minister of Finance, and shall exercise all of the above duties, except where otherwise provided for by law.



3. Fiscal Calendar




a) Each term of office of the Chamber of Deputies shall be considered a seperate financial period. A financial statement as of the dissolution of the previous Chamber shall be presented by the Minister of Finance or his delegate to the new Chamber within thirty days of the summoning of the new Chamber.



b) An annual financial statement may be produced for staistical and legal purposes but shall be for information purposes only.



4. Financial Accounts



a) The Ministry of Finance will maintain all Accounts for the Republic of Talossa.




b) The name associated with these Accounts should be 'Minister of Finance, Republic of Talossa' as much as possible, or if a more specific name is required then the name of the current Minister of Finance shall be used.



c) Account Administrators shall be informed of all Account creation and closing on behalf of the Ministry of Finance and/or the Republic.



d) Accounts setup shall also have the President and the Seneschįl as Account Administrators as much as practicable.



e) User Names and Passwords for Accounts will be maintained by this Ministry, and all Account Administrators shall have them as well to ensure redundancy and access is maintained in case of unforeseen circumstances.



f) Account Administrators shall immediately (as possible) be informed of all User Name and Password changes for all Accounts.




g) When a new Minister of Finance, Seneschįl, or President is confirmed/elected the password for all Accounts shall change as a part of the turn-over process via the Finance Minister.



5. Revenue



i) The Minister of Finance shall publish a Budget for the current financial period within 30 days of the summoning of the Chamber. This shall be in the form of



a) a statement of the public finances as at the dissolution of the previous Chamber;

b) an itemised statement of all expenditures expected until the end of the financial period;

c) a Bill, to be known as the Supply Bill (Month)(Year), for the collection of revenue for the expected expenditures and any other financial obligations arising from the business of the Republic of Talossa;




ii) The Supply Bill shall specify the amount each citizen shall be asked to contribute to defray the expenses identified by the government for the coming term, and the period of time during which the colleection shall take place.



iii) No collection period may last more than four calendar weeks.



iv) The Minister of Finance may request additional revenue in the course of the term by submitting a supplementary Budget to the Chamber. The procedure shall be the same as for section i) above.



6. Expenditure



i) No expenditure may be made by or on behalf of the Republic of Talossa without explicit legal authorisation. This authorisation shall take the form of an Act of Parlimīnt.



ii) The Minister of Finance shall submit an Appropriations (Name of Ministry or Ministries of government on whose behalf the expense is being made) Bill (Year) to Parlimīnt to authorise any expenditures arising.




iii) The Bill shall state the purpose of the expenditure, the authority of the Minister or other agent of the Republic to make a contract for the goods or services relating to the expenditure, and the amount of the expenditure.



iv) No payment may be issued by or on behalf of the Republic without an Executive Order, counter-signed by the Seneschal, or by the Distain if the Seneschal is also Minister for Finance, which states the amount of the expenditure, the specific legislative authorisation for the expenditure, and the party to whom the payment is being made.



v) All payments shall be executed by the Minister of Finance, or by persons authorised by the Ministry to act on its behalf.



7. Reporting of Financial Records



The financial records of the Ministry of Finance shall be maintained as follows, with the following matters being recorded:




a) Revenue



i). Revenue shall be recorded for specifically what type of revenue it is as defined above under Generation of Revenue.

ii). The Amount, payer, date/time, method of payment, as well as any other pertinent receipts and data for that transaction shall be maintained.

iii). The total amount of revenue collected;

iv). The total amount of transaction charges.




If there is an Executive Order or Resolution associated with the Revenue this shall also be recorded.



b) Expenses



1. Specific legislative authorization for the expenditure;

2. Total amount to be spent;

3. The party to whom the amount is to be paid;


4. Certification that there are sufficient funds available in the account of the Republic to honor the payment;

5. and any other pertinent receipts, data or contact information.



c) Reports



a) The Ministry of Finance shall provide a report of all transactions from all Accounts to the Government as soon as practicable from the time that the transaction happens. Information as defined above in Revenue and Expenses plus:

i). Net gain or loss of capital throughout all Accounts


ii). The total amount of transaction charges, if any;



b) Quarterly Reports should be made to the Government on the status of all Ministry Accounts - including Name of account , balances and running expenses that are paid from this account, as well as all transactions that. happened within that Quarter.



c) The Ministry shall also provide an Annual Financial Report given at the end of the year in a fashion as mentioned above. The Ministry will also provide some analysis of the numbers to help to plan for the next years budgeting and fiscal planning.



8. Penalties



a) Any person found guilty by the High Cort for willful violation of any provision of this Act shall be sentenced to a minimum penalty of being made ineligible to occupy, seek election to or be appointed to any public office for a period of one calendar year from the date of conviction, and a maximum penalty of being stripped of Talossan citizenship for all future.




b) At the Government's discretion legal proceedings may also be initiated within the citizen's macronational legal system.



Chapter 2. Banking and Currency



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Chapter 3. Commerce and Trade




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Chapter 4. Labor



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