Central Banking and Market Authorization Act

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Central Banking and Market Authorization Act
CitationA-12
Enacted byOpen Parliament
Date enacted26 June 2012
Date repealed20 May 2017
Legislative history
Introduced on216 June 2012
Introduced byNorth American Republics
Voting began19 June 2012
Required majoritySimple majority
Vote results8 Yea, 1 Nay, 0 Abstain[1]
Amendments
Aa-1
Repealing legislation
SLU Modernization Act
Status: Repealed

For the creation of a centralized banking institution in the Social Liberal Union to regulate funds within the Social Liberal Union and for the establishment of a forum market.[2]

Section 1: A centralized banking institution is to be created in the Social Liberal Union under the name "Union Reserve".

Section 2: Management of the Union Reserve:

2.1. The minister responsible for activities is to appoint a member state of the region as the Chairperson of the Union Reserve.
2.2. Under the Chairperson is to be a group of officials whose sole job is to help the Chairperson administrate the Union Reserve. This group is under the direction of the Chairperson and actions taken by this group must be approved by the Chairperson.
2.3. The Chairperson of the Union Reserve has the power to modify the monetary reserves of member states as a result of participation in activities, as per a posted table indicating the value of certain activities, and as a result of monetary forces on the forum.
2.4. Policy decisions taken by the Union Reserve are not to be understood as policy decisions taken by the government of the Social Liberal Union. Inversely, policy decisions taken by the government of the Social Liberal Union are not to be understood as policy decisions of the Union Reserve.
Section 3: This act also establishes a forum market where member states can sell products or services, the location of which is to be determined by the Chairperson and World Assembly Delegate. This market will be regulated by the minister responsible for activities.