Legal Tender Act
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Official Commonwealth House Site -- Ibrosia.tk
• Official Commonwealth House Site -- Ibrosia.tk
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The Legal Tender Act An Official Act of the Government of the Great Commonwealth of the Ibrosian Democracy æcté d’wesetilk d’ŷe grande wealth d’commune dek Lk’esoeseak-Iboroseỗ The Twelfth day of October, Twenty-Hundred and Two
AN ACT to create a common currency for trade within the Ibrosian Democracy and with the Great Commonwealth State, uncontrolled by other States.
Should it be enacted by the will of the majority of the people of the Great Commonwealth of the Ibrosian Democracy, this Bill shall be passed into law with the particulars stated herein:
Section One – General Provisions
1. – (1) This Great Commonwealth hereby establishes a common currency for trade within the Ibrosian Democracy (2) This currency shall be known as the ‘Great Commonwealth Pound’ and shall trade at a rate set by the Great Commonwealth Central Bank, an agency within the Office of the Treasury of the Great Commonwealth Ministry of the Interior, with a common value throughout the Great Commonwealth. (3) This currency shall be the only currency which may be used by the Great Commonwealth State for trade and payments to the State by Great Commonwealth Citizens and Ibrosian Nationals.
2. - (1) This currency as defined in Section 1. shall be minted under the exclusive authority of the Great Commonwealth Central Bank (2) It shall be a civil tort against the Great Commonwealth for any person other than said Great Commonwealth to mint any currency known as the “Great Commonwealth Pound” or to misrepresent any other document as currency as defined in Section 1.
3. - (1) The use of other currencies for trade between citizens shall be respected. (2) The Great Commonwealth shall trade the Great Commonwealth Pound at a reasonable value for: (a) Pounds Sterling, legal tender within the United Kingdom of Great Britain and Northern Ireland. (b) United States’ Federal Reserve Dollars, legal tender within the United States of America (c) The European Single Currency, legal tender within certain countries of the European Union.
Section Two – Authority of Minting
1. - (1) The Great Commonwealth Central Bank shall keep in reserve gold or currencies represented within Section 3(2), to the value of all Great Commonwealth Pounds minted. (2) Any citizen may, at any time, redeem his Great Commonwealth Pounds for gold or currencies represented within Section 1(3) Subsection (2). (3) One Great Commonwealth Pound shall be composed of one hundred Divisibles (4) The following symbols shall be accepted by the Great Commonwealth to represent the currency: (a) ‘£’ or ‘GC£’ for Great Commonwealth Pounds. (b) ‘d.’ for Divisibles. 2. - (1) The present value of one Great Commonwealth Pound shall be £0.37 (Sterling), $0.21 (United States Dollars) and €0.19 (European Single Currency Euros). (2) This value shall be pegged to the value of one bar of six-segment ‘Galaxy’ chocolate sold within the historic county of Renfrewshire. The Chancellor of the Exchequer shall be responsible for the valuation of the currency.
Section Three – Short Title, Commencement and Extent of this Act
(a) This Act may be cited as the Legal Tender Act 2002 (b) This act shall come into effect upon the passing by the éhoi and authorisation by the Returning Officer. (c) This Act extends to
(a) The Great Commonwealth
“Long Live the Great Commonwealth” |
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