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}-CHAPTER 810 FINANCE COMMISSION (98-001, 98-020, 
98-029){{br{}{L{I{{br{}{L{I810.1 The Finance Commi
ssion Act establishes the Finance Commission (FC) 
whose purpose is to provide the Commonwealth with 
a safe, flexible financial system.{{br{}{L{I{{br{}
{L{I810.11 The FC will be headed by a Chairperson 
who is appointed by the President and confirmed by
 the Senate. (See Attachment A for Chairperson's o
ath of acceptance.){{br{}{L{I{{br{}{L{I810.111 Onc
e appointed the Chairperson may only be removed fr
om office at the request of the President and a ma
jority vote in the Senate. In the interim, between
 notification from the President and voting by the
 Senate, the Chairperson will be suspended. The re
sponsibilities normally provided by the Chairperso
n may be assumed by the Manager, Bank of Cyberia (
Bank) or a temporary Chairperson identified by the
 President.{{br{}{L{I{{br{}{L{I810.112 The respons
ibilities of the Chairperson include:1) Determinin
g the rate of interest to be charge on short-term 
and long-term notes from the Bank{z2) Oversight of
 the Cyberian Stock Exchange and economic indicato
rs{z3) Overseeing the investment portfolio (stocks
, bonds and other investments) of the Commonwealth
 insuring limited risk to meet its obligations{z4)
 Approving policies and procedures to be followed 
by the Bank and registered businesses which will b
e issued periodically as Notifications{z5) Assist 
in developing the Budget of the Commonwealth on a 
yearly basis and providing actual expenditures{z6)
 Oversight of the Bank and performing periodic aud
its of its operations{z and7) Maintain a high degr
ee of professionalism and ethics in all dealings.
{{br{}{L{I{{br{}{L{I810.113 The Chairperson will b
e unable to hold another public office while perfo
rming his/her duties, with the exception of the po
st of Treasury Minister.{{br{}{L{I{{br{}{L{I810.12
 There will be a minimum of three board members in
cluding the Chairperson. Other members may be chos
en by Chairperson and may hold other political off
ices provided they pledge an oath of non-partisans
hip when enacting their duties on FCC. (See Attach
ment B for oath of acceptance.){{br{}{L{I{{br{}{L
{I810.2 The Bank of Cyberia{{br{}{L{I{{br{}{L{I810
.21 The purpose of the Bank is to carry out the du
ties specified by the FC.{{br{}{L{I{{br{}{L{I810.2
2 The Bank will be headed by the Chairperson of th
e FC or the Bank Manager, who is appointed by the 
President and confirmed by the Senate. An Assistan
t Manager may be named by the Manager if he/she de
ems it necessary. Once appointed the Manager or As
sistant. Manager may be fired at will by the Presi
dent.{{br{}{L{I{{br{}{L{I810.23 The primary respon
sibilities of the Bank include:{{br{}{L{I{{br{}{L
{I810.231 the registration of Businesses and Compa
nies.{{br{}{L{I{{br{}{L{I810.2311 There are five f
orms of businesses in Cyberia:1) Sole Proprietors 
and Partnerships neither which involve the selling
 of stock{z2) Corporations which are publicly-owne
d and traded on the Cyberian Stock Exchange{z3) Wo
rker-owned corporations in which all employees sha
re in the distribution of stock and the benefits o
f profits earned. Worker-owned corporations may no
t be publicly traded on the Cyberian Stock Exchang
e{z4) Government-owned businesses which do not iss
ue stock but raise capital through federal tax dol
lars or bond issuance. Bonds are sold and exchange
d through the Bank and listed on the Cyberian Stoc
k Exchange. For simplicity in the simulation, bond
s will not be sold at a premium nor discount until
 an Amendment to this Act is issued{z and 5)
 Non-profit organisations known as formal groups,
 who do not accumulate profits for the benefit
 of the organisation but use the proceeds for th
e betterment of mankind. Non-profit organisations
 are not required to pay income tax, but must reg
ister with the Bank and provide evidence of their
 non-profit status.{{br{}{L{I{{br{}{L{I810.2312 T
he Bank shall be responsible for maintaining the 
registration list of all businesses operating in 
the Commonwealth. Registration fees are set at |~
500 per business. The Bank is also required to ma
intain a list of all active businesses. If a busi
ness intends to trade stock on the Cyberian Stock
 Exchange, the Ticker Identification will be issu
ed by the bank at the time of registration.{{br{}
{L{I{{br{}{L{I810.232 commitment to businesses.{{
br{}{L{I{{br{}{L{I810.2321 The Bank shall, on req
uest, assist businesses and non-profit agencies o
n completing basic financial statements. The Bank
 shall accept loan requests. Small business loans
 at lower interest rates are available on a limit
ed basis.{{br{}{L{I{{br{}{L{I810.233 maintaining 
the Cyberian Stock Exchange.{{br{}{L{I{{br{}{L{I8
10.2331 Until this Act is amended, the Bank shall
 be the only brokerage service in the Commonwealt
h. This service will provided without charges for
 commission and transaction fees.{{br{}{L{I{{br{}
{L{I810.2332 The Bank shall be responsible for th
e actual issuance and redemption of all stocks an
d bonds, including the exchange of moneys, involv
ed in the transactions. For each block of stock o
r bonds issued, a Cyberian Serial Number (CSN) wi
ll be assigned for tracking purposes. Buyers will
 be responsible for managing their own portfolios
, including the investment purchased along with t
he CSN, including the number of shares, and the c
ost. The Bank will notify buyers and sellers when
 a transaction is completed.{{br{}{L{I{{br{}{L{I8
10.2333 The Bank shall also maintain and administ
er the investments of the Commonwealth at the dir
ection of the FC Chairperson. This does not absol
ve the Bank Manager from having a fiduciary duty 
for the investments of the Commonwealth, though h
e/she shall be liable to a lesser degree. The Ass
istant. Manager, if appointed, shall not be held 
liable for investments of the Commonwealth.{{br{}
{L{I{{br{}{L{I810.234 collection of Federal Incom
e Tax{{br{}{L{I{{br{}{L{I810.2341 Businesses are 
required to make their quarterly tax payments to 
the Bank. The Bank is responsible for establishin
g and maintaining the accounts for each business 
to which they deposit the funds. The moneys and a
ccounts shall not be co-mingled.{{br{}{L{I{{br{}{L
{I810.235 maintaining Savings and Money Market Ac
counts{{br{}{L{I{{br{}{L{I810.2351 The Bank shall
 deposit money earned into Money Market Accounts 
established at the time the investor first begins
 transacting on the exchange. In addition citizen
s or businesses of the Commonwealth may open a pe
rsonal savings account. The rate of interest paid
 on the accounts will be determined by the FC.{{b
r{}{L{I{{br{}{L{I810.236 reporting requirements{{
br{}{L{I{{br{}{L{I810.2361 The Bank shall provide
 the President and the FC with a consolidated rep
ort to include the number of shares outstanding p
er company and on investments made for the Common
wealth upon request and formally at the end of ea
ch month.{{br{}{L{I{{br{}{L{I810.3 The currency o
f Cyberia will be entitled Cy and represented by 
the symbol |~. Upon enactment, one Cy equals appr
oximately sixty-nine cents of U.S. currency. Fluc
tuations in the value of the currency will be ann
ounced by the FC.{{br{}{L{I{{br{}{L{I810.4 Busine
sses which intend to sell stock will be required 
to determine the number of shares to be issued in
 the initial public offering. The history of Cybe
ria shows this number to be around 500,000 though
 each business must take into account the amount 
of capital they need along with the opening price
 per share. The opening price is the amount manag
ement believes they can get for a share of their 
stock on the open market and is backed by the ass
ets of the company.{{br{}{L{I{{br{}{L{I810.41 The
 price of stock is affected by many factors.{{br{}
{L{I{{br{}{L{I810.411 For simulation purposes the
 price of stock will go up or down by 1 point per
 the following:1) Stock price below |~30 per shar
e will go up or down a point for every 1,000 shar
es purchased or sold.2) Stock prices between |~30
 and below |~75 will require movement of 3,000 sh
ares to go up or down.3) Stock prices between |~7
5 and below |~200 will require movement of 5,000 
shares to go up or down.4) Stock prices of |~200 
and up will require movement of 10,000 shares to 
go up or down.{{br{}{L{I{{br{}{L{I810.412 The pri
ce of stock is further affected by stock splits, 
the corporation buying back their stock, profits,
 and dividends paid.1) A stock split will divide 
the price of the stock by the ratio of the split.
2) The announcement of profits will result in a 2
 point increase for every 5 percent of profits an
d decrease for each 5 percent decrease from the b
ase number. The base is a projection made by the 
management of the company at the start of each qu
arter.3) The announcement of dividends paid will 
result in a 5 point increase.{{br{}{L{I{{br{}{L{I
810.413 Other impacts on stock prices will be det
ermined by the FCC and affected as directed.{{br{}
{L{I{{br{}{L{I810.42 The overall change in the Cy
beria Stock Exchange (CSE) will be reported weekl
y. In addition there is one index being tracked i
n Cyberia, the Cyberian Technological Index (CTI)
. An index may be started by a request to the Ban
k by a group of businesses in similar fields, by 
the President, or FC.{{br{}{L{I{{br{}{L{I810.43 F
or purposes of the simulation the President may p
urchase 3 percent of all stock offered for sale. 
The Bank shall purchase 7 percent of all stock of
fered for sale in an effort to spur the economy a
nd for investment purposes for the Commonwealth. 
The Chairperson of the FC may override purchase b
y the Bank in the event he/she judges the risk fa
ctors to be too great for the Commonwealth to bea
r.{{br{}{L{I{{br{}{L{I810.5 Chairperson's Oath of
 Acceptance I (name) do solemnly affirm to protec
t the interests of the Commonwealth of Cyberia an
d faithfully execute my duties in the highest of 
ethical standards and with a professional demeano
ur I further acknowledge the fiduciary responsibi
lities I have to the citizens and the Commonwealt
h. I affirm my decisions will not be affected by 
my political beliefs but rather on firm, sound ec
onomical principles.{{br{}{L{I{{br{}{L{I810.6 Mem
ber Oath of Acceptance in the Finance Commission 
I (name) do solemnly affirm to protect the intere
st of the Commonwealth of Cyberia and faithfully 
execute my duties as delineated by the Chairperso
n of Finance Commission Committee in the highest 
of ethical standards and with a professional deme
anour. I affirm my work on the Committee with be 
conducted in a non-partisan manner.{{br{}{L{I{{br
{}{L{I810.7 Gross Profit is defined as the amount
 by which revenue from sales exceeds the cost of 
good sold. Profit Margin is a company's ability t
o earn a net income from sales. It is measured by
 expressing net income as a percentage of sales. 
Hence: Net Income divided by Net Sales{{br{}{L{I{{
br{}{L{I810.8 For clarification and consistency w
hen determining profit, the Bank of Cyberia will 
require as a minimum: Revenue from sales Less cos
t of good sold Gross profit from sales Less opera
ting expenses Equals: Net Income{{br{}{L{I{{br{}{L
{I810.81 In evaluating profit margins, the indust
ry in which the company operates must be consider
ed. For example, from a publishing company you ca
n expect to see a profit margin between 10 and 15
%, while for a retail supermarket 1 to 2% is the 
norm.{{br{}{L{I{{br{}{L{ICHAPTER 820 FEDERAL TAX 
CODE (98-010, 98-028, 98-030){{br{}{L{I{{br{}{L{I
820.1 For a government to function, it requires m
oney. So that the government can maintain itself,
 and to perform its Constitutional duties, Chapte
r 820 of the Federal Statutes shall be the Tax Co
de.{{br{}{L{I{{br{}{L{I820.2 All citizens and res
ident aliens shall be taxes at the following leve
ls based on one calendar year of income. Income i
s defined as wages and salaries, interest from mo
ney market accounts, and banking accounts.1) Brac
ket No. 1: Incomes with less than |~41,279.99 are
 considered at an insolvency level and do not inc
ur tax.2) Bracket No. 2: Incomes between |~41,280
 and |~74,999.99 are taxed at 1%.3) Bracket No. 3
: Incomes between |~75,000 and |~129,999.99 are t
axed at 2%.4) Bracket No. 4: Incomes between |~13
0,000 and |~249,999.99 are taxes at 3%.5) Bracket
 No. 5: Incomes between |~250,000 and |~999,999.9
9 are taxes at 5%.6) Bracket No. 6: Incomes betwe
en |~1 million and |~4,999,999.99 are taxed at 8%
.7) Bracket No. 7: Incomes between |~5 million an
d |~14,999,999.99 are taxed at 11%.8) Bracket No.
 8: Incomes above |~15 million are taxes at 14%.{{
br{}{L{I{{br{}{L{I820.3 Goods imported from other
 countries shall be taxed at no less than 7 perce
nt of their value. 820.31 Cyberia shall reciproca
te, however, any tariff that is higher than this.
 Exported goods shall be taxed at no more than 2 
percent of their value.{{br{}{L{I{{br{}{L{I820.4 
All corporation or businesses owned privately, or
 collectively, shall be assessed taxes based on n
et profits. This tax shall be set at 8 percent.{{
br{}{L{I{{br{}{L{I820.5 Taxes shall be assessed o
n capital gains of |~1 million or greater at 7 pe
rcent. Capital gains shall include profits made o
n stocks and bonds, and in real estate used in a 
trade or business. Capital losses may be claimed 
up the amount of capital gains in any year. Any l
oss amount left over may be carried forward to th
e following year.{{br{}{L{I{{br{}{L{I820.6 All em
ployers shall withhold taxes from employees and m
ake quarterly payments to the Bank of Cyberia. Th
is quarterly payment will also include the employ
er's share of corporate tax payments.{{br{}{L{I{{
br{}{L{I830.1 ESTABLISHMENT The President must es
tablish the Reserve Bank of Cyberia as a close co
rporation owned by the Commonwealth{{br{}{L{I{{br
{}{L{I830.2 REALISTIC ACCOUNTING The Bank must re
ceive deposits and make loans in a realistic mann
er. No deposit greater than CYD 10 000 may be acc
epted without evidence of actual economic activit
y in Cyberia such as the posting of web pages or 
the receipt of salaries. The Bank must operate a 
database showing all deposits and permitting prom
pt recording of transactions.{{br{}{L{I{{br{}{L{I
830.3 SOURCES OF INCOME For simulation purposes a
ll income in Cyberia must flow from contractual p
ayments or meet the realistic activity test. The 
President may fix levels of payment for public ac
tivity such as forum posts or contributions to th
e forum community chest by regulation.{{br{}{L{I{{
br{}{L{I830.4 MANAGEMENT The Bank is to be manage
d by a Commissioner appointed by the President su
bject to confirmation by the National Assembly.{{
br{}{L{I{{br{}{L{I830.5 PUBLIC ACCOUNTS The publi
c accounts of the Commonwealth and its political 
subdivisions must be held with the Bank.{{br{}{L{I
{{br{}{L{I830.6 LICENSING The President may licen
se other banks to operate within Cyberia subject 
to them observing Cyberian law and meeting the sa
me conditions as the Bank.{{br{}{L{I{{br{}{L{I830
.7 INVESTMENT The Bank may purchase shares or oth
erwise invest in Cyberian enterprises and institu
tions.{{br{}{L{I{{br{}{L{I830.8 COST OF LIVING Th
e account of each real citizen must be reduced by
 the cost of living each month. The President may
 fix the cost of living in Cyberia by regulation 
under this Act.{{br{}{L{I{{br{}{L{I830.9 GRANDFAT
HER CLAUSE Virtual enterprises with a long histor
y in Cyberia may be recognised by the Bank before
 01 january 2003. Virtual enterprises may retain 
their existing revenues and holdings but all futu
re revenue must come from contractual payments or
 meet the real activity test.{{br{}{L{I{{br{}{L{I
830.10 DORMANT ENTERPRISES Any virtual enterprise
 not recognised before the cutoff date is deemed 
to have been dissolved on that date.{{br{}{L{I{{b
r{}{L{I830.11 REGULATIONS The President may make 
regulations implementing this Act subject to disa
llowance within 14 days by the National Assembly.
{{/body{}{{/html{}{L{I
}+810.1
 ESTABLISHMENT The President must establish the R
eserve Bank of Cyberia as a close corporation own
ed by the Commonwealth{{br{}{L{I{{br{}{L{I810.2 R
EALISTIC ACCOUNTING The Bank must receive deposit
s and make loans in a realistic manner. No deposi
t greater than CYD 10 000 may be accepted without
 evidence of actual economic activity in Cyberia 
such as the posting of web pages or the receipt o
f salaries. The Bank must operate a database show
ing all deposits and permitting prompt recording 
of transactions.{{br{}{L{I{{br{}{L{I810.3 SOURCES
 OF INCOME For simulation purposes all income in 
Cyberia must flow from contractual payments or me
et the realistic activity test. The President may
 fix levels of payment for public activity such a
s forum posts or contributions to the forum commu
nity chest by regulation.{{br{}{L{I{{br{}{L{I810.
4 MANAGEMENT The Bank is to be managed by a Commi
ssioner appointed by the President subject to con
firmation by the National Assembly.{{br{}{L{I{{br
{}{L{I810.5 PUBLIC ACCOUNTS The public accounts o
f the Commonwealth and its political subdivisions
 must be held with the Bank.{{br{}{L{I{{br{}{L{I8
10.6 LICENSING The President may license other ba
nks to operate within Cyberia subject to them obs
erving Cyberian law and meeting the same conditio
ns as the Bank.{{br{}{L{I{{br{}{L{I810.7 INVESTME
NT The Bank may purchase shares or otherwise inve
st in Cyberian enterprises and institutions.{{br{}
{L{I{{br{}{L{I810.8 COST OF LIVING The account of
 each real citizen must be reduced by the cost of
 living each month. The President may fix the cos
t of living in Cyberia by regulation under this A
ct.{{br{}{L{I{{br{}{L{I810.9 GRANDFATHER CLAUSE V
irtual enterprises with a long history in Cyberia
 may be recognised by the Bank before 01 january 
2003. Virtual enterprises may retain their existi
ng revenues and holdings but all future revenue m
ust come from contractual payments or meet the re
al activity test.{{br{}{L{I{{br{}{L{I810.10 DORMA
NT ENTERPRISES Any virtual enterprise not recogni
sed before the cutoff date is deemed to have been
 dissolved on that date.{{br{}{L{I{{br{}{L{I810.1
1 REGULATIONS The President may make regulations 
implementing this Act subject to disallowance wit
hin 14 days by the National Assembly.{{/body{}{{/
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