View source for Revised Economy Foundation

[[Category:Legislation]] [[Category:Economic Law]]
= Revised Economy Foundation =
The “economy foundation act” all “treasury authorisation acts” shall be repealed with the exception of amendments that they made to other laws.
== Part 1: Economic Framework ==
=== Article 1: The Economy ===
§1. The economy bot shall manage user’s money and transactions between users.
§2. There shall be no restrictions made to the legal exchange of money in designated marketplaces.
=== Article 2: The Department of the Treasury ===
§1. The Department of the Treasury, hereby referred to as The Department, shall be created, led by the Secretary of the Treasury, hereby referred to as The Secretary.
:§1.1. The Secretary shall be a member of the President’s Cabinet.
:§1.2. The Secretary may hire employees to assist with the duties of the Department.
:§1.3. The Department, in cooperation with the SDBI, shall oversee the investigation of financial crimes.
:§1.4. The Department shall maintain payroll for the government of SimDemocracy.
:::§1.4.1. The Department shall not set salaries for employees outside the Department.
:§1.5. The Department shall maintain all economic holdings of the government of SimDemocracy.
§2. The Department shall have the authority to create and regulate designated marketplaces.
§3. The Department shall authorize and regulate the following:
:§3.1 The creation, sale, and liquidation of corporations,
::§3.1.1 The Treasury may not force the creation, sale, or liquidation of corporations without the authorization of the Senate or a court.
:§3.2 The creation and sale of stocks,
:§3.3. Regulation must follow a standard procedure defined by the Department.
§4. The Department shall oversee the following:
:§4.1 The enforcement of the criminal code against corporations.
:§4.2. The enforcement of the civil code against corporations.
::§4.3. As authorized by the Senate or a court, the Department may oversee.
::§4.3.1. The forced creation, sale, or liquidation of a corporation.
§5 The secretary on behalf of the President may control all money held by the government or government accounts that has not been assigned to specific causes by the Senate or otherwise required for alternate purposes by law.
§6. The president or senate may opt to require departments to release transparency reports.

=== Article 3: The Senate and The Economy ===
§1. The Senate shall have the power to do the following:
:§1.1. Authorize and amend salaries for the President, Vice President, Senators, Judges, Justices, and Supervisors.
::§1.1.1. Any material amendments to salaries passed by a Senate shall not take effect until after the succeeding Senate Election. 
:§1.3. Establish controls for the Department of the Treasury.
:§1.3. Authorize the sale of government bonds for the purpose of gathering funds, to be repaid at the interest rate set by the Department of the Treasury at the point of sale.
:§1.4. Authorize the printing of money
:§1.5. Impose taxes, tariffs or fines
:§1.6. The Senate may require the treasury to spend the money it authorizes it to generate in specific ways

=== Article 4: Accounts ===
§1. Each Citizen of r/SimDemocracy shall be entitled to one (1) personal treasury account (default account).
:§1.1. A personal treasury account must be opened by the owner of the account, who will have sole access to the contents of the account unless otherwise stated by law or judicial ruling.
§2. The Department of the Treasury may create a system to authorize individuals and corporations to open additional accounts (known as special accounts).
:§2.1. The Department of the Treasury may create a system by which corporations may become licensed Banks.
::§2.1.1. Banks shall have the authority to open and manage special accounts for individuals or corporations. 
::§2.1.2. The bank shall own the account and the individual or corporation shall own the contents of the account.
::§2.1.3. Corporations shall not hold assets in an individual special account.
::§2.1.4. Individuals shall not hold personal assets in a corporate special account.

== Part 2: Corporations ==
=== Article 1: Corporations ===
§1. A corporation may be created by any citizen of SimDemocracy by submitting a Request for Incorporation to the Department of the Treasury;
:§1.1. A Request for Incorporation shall include the following: 
::§1.1.1. The name of the business;
::§1.1.2. The Discord usernames of any owner(s) of the corporation.
:§1.2. The owner(s) of a corporation may sell all or part of their ownership stake unless reasonably restricted by law.
:§1.3. The owner(s) of a corporation may create bylaws for the internal functions of their corporate governance and leadership.
§2. A corporation may be created by the passage of a bill by the Senate.
:§2.1. The bill must specify which entity shall own the corporation.

=== Article 2: Corporate Bankruptcy ===
§1. Any corporation may file with the courts of SimDemocracy for a bankruptcy hearing.
:§1.1. The court filing must specify if the corporation intends to restructure or undergo liquidation. This shall be referred to as Resolution Bankruptcy.
:§1.2. Any creditor of a corporation may file to force liquidation of the corporation. This shall be referred to as Induced Bankruptcy.
§2. The following shall apply to Resolution Bankruptcy:
:§2.1. The filing corporation must prove on the balance of probabilities that they are unable to settle outstanding debts or will be unable within two months of filing for bankruptcy.
:§2.2. The Judge may elect to accept restructuring or force liquidation.
::§2.2.1. Creditors may introduce a movement to force liquidation. It must be shown that restructuring would not be likely to improve the financial health of the corporation within a reasonable time frame.
:§2.3. The Judge may not force restructuring if the corporation files with intent to liquidate.
::§2.3.1. Bankruptcy may still be denied if the balance of probabilities is not met.
§3. The following shall apply to Induced Bankruptcy:
:§3.1. The creditor must prove on the balance of probabilities that the corporation they are filing against has demonstrated a pattern of failing to make payments against their debt.
§4. The following shall apply to Restructuring:
:§4.1. All debt may be canceled or adjusted at the authorization of a judge, excluding:
::§4.1.1. Debt acquired from or owed due to the recent acquisition of another corporation;
::§4.1.2. Debt owed due to the purchasing of stake in the corporation;
::§4.1.3. Debt owed to the government.
:§4.2. The Judge may authorize a credit freeze during and for a reasonable time period after bankruptcy proceedings.
::§4.2.1. A credit freeze prevents additional interest owed on outstanding debt;
::§4.2.2. A corporation may not assume new debt while its credit is frozen;
::§4.2.3. A corporation may not pay dividends or distribute capital while its credit is frozen.
§5. The following shall apply to Liquidation:
:§5.1. All assets shall be liquidated at market or auction value:
::§5.1.1. The Judge may authorize the direct transfer of assets to a creditor in an appropriate payout scheme;
::§5.1.2. The auction shall be conducted by the court.
:§5.2. Creditors shall be entitled to a percentage of the sum of total liquidized assets equal to the percentage of the total debt of the corporation that the creditor owns.
:§5.3. Should one creditor own more than 65% of a corporation’s debt, they shall be entitled to assume control of the corporation and its remaining debt and the bankruptcy shall be settled.

=== Article 3: Torts ===
§1. A mass tort is a tort brought against a corporation by two (2) or more claimants represented by a unified counsel.

§2. A mass tort is subject to the same rules as a tort except that a settlement must only be agreed upon by a majority of claimants

§3. A tort may be brought against any corporation for any reason, should any judge accept the case.

== Part 3: Infrastructure and Assets ==
=== Article 1: Discord Assets ===
§1. The Department of the Treasury shall regulate the opening, closing, and alteration of Discord channels. The Treasury shall act in coordination with the Discord Supervisor when necessary.
:§1.1. Each channel in the Discord must have an owner of record registered with the Treasury.
::§1.2.1. The owner on record must be a member of SimDemocracy or an organized legal entity (such as a cabinet department or a private corporation).
:§1.2. To open a channel, a request to the Treasury must be made by the intended owner on record and include the category, channel name, applicable roles, and any other pertinent permission settings.
::§1.2.1. The Treasury shall review and then approve or deny the request in a timely fashion. Sufficient reasoning must be provided for denials.
:§1.3. Only the owner on record may request for a channel to be closed.
::§1.3.1. If a channel is requested to be closed, the request shall be forwarded to the Archives Commission and the channel shall be archived.
:§1.4. The Secretary of the Treasury and any employees designated by the Treasury shall be given access to view all channels in the Discord;
::§1.4.1. View message history shall be restricted for channels that would otherwise have restricted access.
:§1.5. Any channel without an owner on record shall be claimed by the Treasury;
::§1.5.1. The Treasury may reasonably assign an owner on record to an unclaimed channel.
§2. All fee amounts shall be listed in Schedule 1 - Fees. All fees shall be paid to the Treasury.
:§2.1. All fees shall be paid by the owner of the channel.
::§2.1.1. Fees may be waived by the Discord Supervisor if it is necessary to maintain the functional integrity of the Discord.
:§2.2. A fee shall be collected by the Treasury any time a new Discord channel is created.
::§2.2.1. Other restrictions may be created applicable to the opening of new channels by the treasury.
:§2.3. A fee shall be collected by the Treasury any time a Channel is reopened from the Archives.
:§2.4. The owner on record shall be charged a fee to rename the channel.
:§2.5. The owner on record shall be charged a fee to recategorize the channel.
:§2.6. The owner on record shall be charged a fee to change the channel type.
§3. The owner on record for a channel shall be subject to pay a fee to the Treasury every four (4) months with the first payment deadline being the first of January 2025 (01/01/2025)
:§3.1. Channels in the archives categories shall be exempt.
:§3.2. Failure to pay a fee will result in a debt being incurred by the one paying equal to the amount of money extra that needed to be given. The size of the debt owed to the treasury shall increase at a rate of 3% every week until the total debt owed is equal to the number of channels owned multiplied by five hundred (number of channels x 500) at which point they shall default on their debts and the channels shall be archived.
:§3.3. The treasury shall not be required to pay channel fees
§4. When authorized by the Senate, the Treasury shall collect taxes from non-government entities.

=== Article 2: Financial Infrastructure ===
§1. The leader of each government entity shall control its account and shall be expected to responsibly manage it to maintain the financial security of the government.
:§1.1. These entities shall not incur debts owed.
:§1.2. the treasury may choose to supply these departments with money as either one off payments or regular budgets
:§1.3. An account known as the Government Reserve Bank Account shall be created. This account shall be overseen by the Treasury.
:§1.4. This account shall be different from the account of the Treasury.
:§1.5. All fees and taxes collected by the Treasury shall be deposited to the Government Reserve Bank Account.
:§1.6. The treasury has full discretion over money in the government reserve, provided they have no legal obligations to use it in a specific way
=== Schedule 1: Fees ===
{| class="wikitable" 
|-
! Action
! Fee
|-
| Channel creation fee
| 600t
|-
| Channel reopening fee
| 400t
|-
| Channel renaming fee
| 400t
|-
| Channel recategorization fee
| 50t
|-
| Channel type change fee
| 200t
|-
| Channel fee (paid every 4 months)
| 250t
|}