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Shareholders Rights Act
Topic Started: May 13 2015, 08:50 AM (219 Views)
Space
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Seeing the House passed a motion to discharge the Shareholders Act, the House shall now vote on the original bill. Please Vote; Aye, Nay, or Abstain.

Quote:
 
Definitions:
Publicly Owned Corporation: A company where shares are freely sold in the market, by another entity or by the company itself
Shareholder: A person who either owns a part of a company and/or is part of the decision making process of a company.
Liable: An entity that is responsible for decisions
Dividend: The splitting up of profits among shareholders.
6 month period: Jan-Jun, Jul-Dec
Evidence: the transaction records and the cash flow of the money. Also, posts and actions made by the entity may also be used.

Article 1 (The information requirement):
Section 1:
All publicly owned corporations must create reports every three months, with the reports made by any employee or hired persons.

Section 2:
The reports must include the following in medium-high detail:
Quote:
 
Business deals/Acquisition offers
Financial Statements
Recent ventures
Societal work
Governmental Lobbying


Section 3:
The corporation and its employees are liable for any false information in their reports and may be subject to an audit. If any issues are found within the report that has been purposefully fabricated, the liable shall be warned, fined up to 10% of corporate value at a maximum of 100AD, a freeze in financial assets and/or have its business license suspended indefinitely. All monetary damages shall be rewarded to shareholders.

Section 4:
Any lengthy suspension will result in the company forced to buy back shares from its shareholders.

Section 5:
Citizens (especially shareholders) may report any concern regarding the company to either:
The Secretary of the Interior
The President of TAS
Any head/manager of the Treasury

Section 6:
A economic decision made by the SoIA can be overturned by the Supreme Court, given enough evidence. Further purposeful manipulation and the cover up-of finances in the court will result in the maximum punishment as stated in section 3 and can result in a obstruction of justice charge as outlined by The Allied States Code


Article 2 (Dividends):
Section 1:
All publicly owned corporations must give at least one dividend payment to every shareholder within 6 months,

Section 2:
Publicly owned corporations that are unable to pay their dividends (due to loss, fines, etc.) may ask the SoIA, the President, the Court and/or the Committee on the Economy in order to be pardoned

Section 3:
Failure to conform to this article will result in a fine up to 40% of their corporate value, to be divided up by the shareholders

Section 4:
A economic decision made by the SoIA/Committee on the Economy can be overturned by the Supreme Court, given enough evidence. Further purposeful manipulation and the cover up-of finances in the court will result in the maximum punishment as stated in section 3 and can result in a obstruction of justice charge as outlined by The Allied States Code

Section 5:
The shareholders of the company may demand that the company amend the dividend with a majority plus one vote, and can return the dividend to the company with a 3/4 majority.

Section 6:
If the dividend is returned by the shareholders the company does not have to make another dividend payment during the 6-month period.

Section 7
The amount of money paid as a dividend is not limited in any way as long as it's above zero[/spoiler]


Aye
Edited by Space, May 13 2015, 08:51 AM.
Jacob Burrow(IDP - Democratic People's Republic of the West)

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Space
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Here - http://w11.zetaboards.com/Allied_States_Forum/topic/11135558/2/#new
Jacob Burrow(IDP - Democratic People's Republic of the West)

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Keventle
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Ron Reggie
I never caught that lol. Well...
I see how this is going to go then.
*l*LIBERTARIAN PARTY FOUNDER*l*
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Space
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Well, looks like no more votes. Voting is Now Over. The Results are Below.

AYE - 1
NAY - 1

This Bill TIES. I submit a second vote of AYE in accordance with the HR Tie Breaker Act. This Bill PASSES.
Jacob Burrow(IDP - Democratic People's Republic of the West)

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Prince Isle
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Leader of the Opposition
Debate is now open for 24 hours.
its just me
Facts about me :)
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Prince Isle
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Leader of the Opposition
Debate is now over.

Voting will commence for 24 hours.

Nay
Edited by Prince Isle, May 18 2015, 05:02 PM.
its just me
Facts about me :)
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CDLand
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Senate President
Nay, Mr. President. This bill imposes a government mandated template for businesses, burdensome regulation, and will threaten attempts to form the burgeoning stock market. The 100 AD fines are still very severe, as is the 10% fine.
Edited by CDLand, May 17 2015, 07:32 PM.
John Newman (LP-Buxton)

First President of the Allied States
Winner of the "Last to Post Wins" Contest!!!!

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Zach
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Senator At-Large
Nay, the fines are too harsh, this will also discourage businesses from going public.
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Prince Isle
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Leader of the Opposition
Voting is now closed.

Results:
0 ayes
3 nays

Bill fails.
its just me
Facts about me :)
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