The Banking and Treasury Act 2022

The Banking and Treasury Act 2022 is an Act of Parliament in the Kingdom of Kohlandia which establishes the Kohlandian Treasury Department, plus formally establishes the Bank of Kohlandia; which previously existed as an informal entity for the production of currency in the kingdom.

The full text of the 2022 Act is as follows:

The Banking and Treasury Act 2022

Preamble

Being that Kohlandia is a nation that requires both a bank to store funds and a treasury department to control the use of those funds, it must necessarily follow that both should be established.

Kohlandia therefore decrees that:

Section I

1. A Treasury Department will be established as a branch of the Executive.

2. The Chancellor shall be appointed:

a. by a vote of the Legislature; and

b. from a pool of nominees drafted by the Prime Minister

3. A Chancellor nominee is disqualified if:

a. they are below the age of qualification to sit in the Legislature; and

b. they have an unspent conviction; or

c. they have any conviction, spent or unspent, for any financial offense.

4. The Chancellor shall run the Treasury Department

5. The Chancellor may appoint Deputies to assist in the running of the Treasury.

a. The Chancellor retains ultimate responsibility for the Department and its actions.

6. The Treasury shall be responsible for the implementation, collection, and distribution of Kohlandian funds.

a. This includes, but it not limited to, the creation of taxes;

b. Taxation is not a requirement and should be limited to whatever is necessary for the implementation and maintenance of Kohlandian state functions, if any.

7. A Bank of Kohlandia shall be established, as an arms-length, non-Governmental organisation.

8. The Governor of the Bank of Kohlandia shall be appointed:

a. by a vote of the Legislature; and

b. from a pool of nominees drafted by the Chancellor

9. A Governor of the Bank of Kohlandia nominee is disqualified if:

a. they are below the age of qualification to sit in the Legislature; and

b. they have an unspent conviction; or

c. they have any conviction, spent or unspent, for any financial offense.

10. The Governor of the Bank of Kohlandia shall run the Bank of Kohlandia

11. The Governor of the Bank of Kohlandia may appoint Deputies to assist in the running of the Bank of Kohlandia.

12. The Bank of Kohlandia shall store, maintain and grow the finances held in the Bank of Kohlandia.

13. The finances held in the Bank of Kohlandia are owned by the Legislature and may be used only for the benefit of the Kohlandian state, its organisations and its populace; either as a whole, a majority or a minority, as allowed by law.

14. The finances held in the Bank of Kohlandia may not be used for the benefit of an individual.

15. The Chancellor and the Governor of the Bank of Kohlandia may be summoned to a meeting of the Legislature:

a. if given at least one week's notice;

b. to account for their actions in their role as Chancellor or Governor;

c. to discuss the state of the finances in the Bank of Kohlandia and their use, lack of use, or planned use.

d. for any other purpose as agreed by a majority of the Legislature.

16. This Bill, if enacted, shall be known as The Banking and Treasury Act.