Bill: Draft BSA Sunset Act

[Talion77]

A
BILL
TO

resolve the ambiguity of BSA to LEA transitions.​

The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:

1 - Short Title and Enactment

(1) This Act may be cited as the 'BSA Sunset Act' or as the 'BSASA'

(2) This Act shall be enacted immediately upon signage.

(3) This Act has been authored by BlueOtterRiver.

(4) This act has been sponsored by Representative Talion77.

(5) This Act has been co-sponsored by Representative RealImza.

2 - Reasons
(1)To resolve the ambiguousness of BSA to LEA transitions.
(2) To preserve the right for companies to keep themselves afloat during transition

3 - Definitions
(1) For the purposes of this act a corporate document may be defined as the following:
(a) a firm's bylaws;
(b) a firm’s shareholder agreement;
(c) a firm’s operating agreement;
(d) a firm’s certificate of incorporation. OR;
(e) a similar and legally binding document.

4 - General
(1) During transition all corporate documents shall remain in effect and a firm may continue to fully operate but be forbidden of doing the following (provided they are not owned by a single shareholder):
(a) to enter into a contract; or
(b) to file a lawsuit except against the Commonwealth for matters in relation to this act.
(I) The statute of limitations shall be extended by 2 weeks after the firm transitions.

5 - Dissolution
(1) All firms under the BSA shall be given 8 weeks from the enactment of this act to transition to the LEA, failure to do this will result in dissolution
(a) a firm shall not be dissolved and instead converted into a sole proprietorship provided that there is only 1 shareholder

(2) Dissolution shall be postponed for the following:
(a) as long as a firm continues to make reasonable efforts to transit (including but not limited to negotiations with shareholders) OR;
(b) as long as the firm is involved in an active lawsuit.

(3) The firm may be placed in receivership by the DOC if it finds that the dissolution may pose substantial harm to the Commonwealth’s economy. The DOC however is not obligated to do such.

(4) The process for dissolution shall go as follows:
(a) the firm shall fire all employees except its directors and lawyers
(b) the firm shall auction any properties it owns
(c) the firm shall fulfill any obligations to pay other parties, and shall refund any parties who paid in advance for a product or service. If the firm issued a loan to another party that loan shall be forgiven.
(d) the firm shall be frozen and shall be forbidden from operating in any manner except paying and managing its lawyers, or compensating/replacing its directors for 11 days to give other parties an opportunity to sue for matters involving this act.
(e) after the 11 day window closes and all lawsuits are resolved the firm shall be fined 15% of its total funds and other assets except properties shall be seized by the Commonwealth.
(f) the firm’s remaining funds shall be distributed to shareholders according to equity unless otherwise specified in its corporate documents.