Amendment of the Banking Regulatory Act

Amendment of the Banking Regulatory Act

Chamber of Deputies
Long title	An Act to amend the Banking Regulatory Act to reflect current Orders-in-Council regarding the revocation of banking licences in the Royal Kingdom of Gotzborg.
Number	ST 23/001
Introduced by	HRM August Charles II
Extent	Kingdom of Gotzborg
Dates
Royal Assent	12 December 2012
Other legislation
Text of statute as originally enacted
Related legislation	Banking Regulatory Act
Repealing legislation	Currency, Exchange and Banking Act

An Act to amend the Banking Regulatory Act to reflect current Orders-in-Council regarding the revocation of banking licences in the Royal Kingdom of Gotzborg.

Be it enacted by His Royal Majesty, King August Charles II, by and with the advice and consent of the Government and Peoples of Gotzborg, in this Chamber of Deputies assembled, and by the authority of the same, as follows:

Short Title

1. This Act may be cited as the Amendment of the Banking Regulatory Act.

Definitions

2. In this Act, unless the context otherwise requires:

1. Banking venture total holdings (or total holdings): the total value of assets and monies held by a banking institution as determined through a Royal Bank of Commerce audit or through a Royal Bank of Commerce recognized auditor.
2. Statement of Claim: a statement by a creditor, including account holders, as per Royal Bank of Commerce guidelines and directions, citing the total amount of monies owed to that creditor by a bank that has had its licence revoked.

Amendment of Current Text

3. The Definitions Section of the Banking Regulatory Act shall be amended to reflect the definitions as defined in Part III of this Act.

Creation of Fines and Liquidation of Assets Section

4. A new section entitled Fines and Liquidation of Assets is hereby created;

5. The following shall be inserted as Article 15:

1. 15. Where a bank had had its licence revoked under the authority of this Act, it shall be liable to fines as per Schedule 1.
   1. The Royal Government shall have the authority to amend fine amounts in Schedule 1 without requiring the Chamber of Deputies' approval.
   2. Where a bank has had its licence revoked under the authority of this Act, it shall be liable to having its total holdings frozen by the Royal Bank of Commerce.

6. The following shall be inserted as Article 16:

1. 16. Following the deduction of required fine amounts under V.1.1., the Royal Bank of Commerce shall ensure that creditors of the bank are given the opportunity to file statements of claim.
   1. The bank's total holdings follow the deduction of the required fines shall be used to reimburse creditors who file statements of claim.
   2. The Royal Bank of Commerce shall have the authority to provide reimbursements at amounts lower than those claimed, or to reject reimbursement in any (c) amount, when it is determined that:
   1. The total holdings after the deduction of required fines does not provide enough monies to cover the total value of the claims; or,
   2. The Royal Bank of Commerce determines that a creditor has filed a fraudulent statement of claim.
   3. A creditor shall have a period of sixty-days, from the time of licence revocation, in which to file a statement of claim. Following this peroid, all unclaimed holdings of the bank shall become the property of the Royal Kingdom of Gotzborg.

Creation of Schedule 1

7. The following is added Schedule 1: Fine Amounts for Revocation of Banking Licence:

Amounts as decreed by the Royal Government on 2006-06-27:

Banking Venture Total Holdings	Fine Amount
Less than 15,000 Thalers	15% of total holdings
15,001 to 30,000 Thalers	20% of total holdings
30,001 to 60,000 Thalers	25% of total holdings
60,001 or more	30% of total holdings

Notes

Chamber of Deputies Hansard Record
Introduction Date:	2012-12-12
Tabled By:	His Royal Majesty
Vote Outcome:	In Favour: ; Against:
Royal Assent Date:	2012-12-12 (Article 28)