Remember to press "Refresh" to get the most recent version of this document.
The Federal Laws of the VCC.
CYBERIAN FEDERAL CODE
TITLE VIII - FINANCES
CHAPTER 800 ADMINISTRATIVE RULES - General
800.1 Title VIII of the Federal Statutes shall be reserved for all laws pertaining to finance, particularly where it concerns running the government. The Tax Code printed within Title VIII shall be the basis for revenue estimates for the national budget
800.2 Title VIII shall be organised by the following numerical scheme:
Part I (800-809.99) - Administrative Rules
Part II (810-819.99) - Governmental Organisations - Oversight of the Economy
Part III (820-829.99) - Tax Code and related laws
Part IV (830-899.99) - Authorisations
808.30 Government Salaries
808.31 The Bank Commissioner must pay every officer of the Commonwealth ~1000 per month of service.
808.32 The Bank Commissioner must prorate salaries for time in service under one whole month.
808.33 Deputy President, Speaker, and non-serving Temporary Justice are not paid positions.
808.34 When a citizen serves in more than one office, the Bank Commissioner must pay them ~250 per month for service in each additional office.
808.35 An amendment to this chapter must not take effect until a new National Assembly is seated.
810.1 ESTABLISHMENT The President must establish the Reserve Bank of Cyberia as a close corporation owned by the Commonwealth
810.2 REALISTIC ACCOUNTING The Bank must receive deposits and make loans in a realistic manner. No deposit 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 of salaries. The Bank must operate a database showing all deposits and permitting prompt recording of transactions.
810.3 SOURCES OF INCOME For simulation purposes all income in Cyberia must flow from contractual payments or meet the realistic activity test. The President may fix levels of payment for public activity such as forum posts or contributions to the forum community chest by regulation.
810.4 MANAGEMENT The Bank is to be managed by a Commissioner appointed by the President subject to confirmation by the National Assembly.
810.5 PUBLIC ACCOUNTS The public accounts of the Commonwealth and its political subdivisions must be held with the Bank.
810.6 LICENSING The President may license other banks to operate within Cyberia subject to them observing Cyberian law and meeting the same conditions as the Bank.
810.7 INVESTMENT The Bank may purchase shares or otherwise invest in Cyberian enterprises and institutions.
810.8 COST OF LIVING The account of each real citizen must be reduced by the cost of living each month. The President may fix the cost of living in Cyberia by regulation under this Act.
810.9 GRANDFATHER CLAUSE Virtual enterprises with a long history in Cyberia may be recognised by the Bank before 01 january 2003. Virtual enterprises may retain their existing revenues and holdings but all future revenue must come from contractual payments or meet the real activity test.
810.10 DORMANT ENTERPRISES Any virtual enterprise not recognised before the cutoff date is deemed to have been dissolved on that date.
810.11 REGULATIONS The President may make regulations implementing this Act subject to disallowance within 14 days by the National Assembly.
