Imperial Business Funding Act, 1776

[Office of the Registry 2323]

ACT OF THE IMPERIAL DIET

 

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Imperial Business Funding Act, 1776

Introduced in the Commons.

Passed by the House of Commons in the 17^th Imperial Diet.

 

AYE

Amador

Barclay

Christiansen

d’Aryn

Galbraith

Gray

Napier

Rakoczy

Stahl-Elendil

Wick

 

NAY

O'Rourke

 

ABSENT

Bykov

 

INTRODUCTION

 

Small business and entrepreneurship have been the driving force of productivity within the provinces of the Holy Orenian Empire. This bill would allow for the set up of productive and efficient loans for businesses in the empire, allowing them to flourish.

 

SECTION I: Definitions

 

1. “Business owner” shall be construed to the owner of a licensed company registered in the Imperial Company Registry in accordance of the Entrepreneurship Act of 1760;

2. “Collateral” in regards to a loan shall be construed to an asset that a lender accepts as security for a loan;

3. “Primary Finance Officer” of a province shall be construed to the treasurer of a province. For example, such a position in Haense would be managed by the Lord Treasurer, or the Minister of Finance for Kaedrin;

 

SECTION II: Outlining Loans

 

1. The structure and process of a loan application is to be mandated as follows;

   1. An interested business owner should come into contact with a Treasury loan officer to discuss information in regards to pre qualifying loan requests. The business must be registered with the ICR, 

   2. Specific discussion on information with the party requesting a loan, will be up to the Treasury, but the following information is recommended to at least be recorded to assess credibility of such party:

      1. Financial statements,

      2. The purpose/need for said loan,

      3. If any, previous loans that have been made to the Treasury,

      4. Historic record of tax payment in their province,

      5. If needed, debt to income ratio analysis,

   3. The Treasury will have authority to review loan requests on a case-by-case basis, and approve or deny requests that they see fit to be implemented.

      1. When a loan is set up, the party requesting the loan must set up equital collateral in the loan process, such as a mortgage.

      2. The Treasury will be responsible for negotiating loan terms, and must formulate an official loan contract with the interested party,

2. In the case of fraudulent behaviour or evasion of payment:

   1. The Treasury will have the authority to collect on the aforementioned mortgage, and must assign it to be vacated back to the province where the business is located, in correspondence with the primary finance officer of said province,

      1. This must only be done when the business owner has clearly not paid the loan as outlined by the terms of the loan contract,

      2. As with any eviction, a 3 saint day eviction notice must be placed on the business property,

   2. In regards to fraudulent behaviour, the Treasury may take the business owner to court, in accordance with the ORC, with a crime from such a recommended framework:

      1. CH 204.010 - On Fraud, 

      2. CH 304 - On Obligation,

      3. CH 305 - On Contracts.

 

SECTION III: Amending CH 303.08

 

1. CH 303.08 is to be amended as follows:

   1. 303.086 - A company shall be eligible for a tax exemption over the course of two Saint’s weeks the company fits with the following eligibility: Be a company registered in the ICR, and the company has purchased its first property within the last year,

   2. This shall be amended to: 303.086 - A company shall be eligible for a tax exemption, if it fits with the following eligibility: Be a company registered in the ICR, and the company has purchased its first property within the last year. However, the primary finance officer of the province of the business will have the ability to mandate either a one Saint week or two Saint week tax exemption based on the tax bracket of said business’s property.

 

Introduced by George Galbraith, MHC, on This Grand Harvest, 1776

 

Issued and proclaimed,

Peter III, by the grace of GOD Holy Orenian Emperor, forever August, King of Renatus, Curon, Salvus, and Seventis, King of Kaedrin, Prince of Malinor, Grand Duke of Ves, Duke of Lorraine and Roden, Baron of Sedan, Vitzburg and Sedai, Protector of the Heartlanders, Highlanders, and Farfolk, etcetera.