Bill: Vote Intellectual Property Exclusion Act

[Darklander]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

Exclude certain intellectual property as being defined as assets for corporate and financial purposes
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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:

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PART I - PRELIMINARIES

1 - Short Title and Enactment
(1) This Act may be cited as the 'Intellectual Property Exclusion Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Avaneesh2008.
(4) This Act has been sponsored by Representative TrueDarklander.
(5) This Act has been cosponsored by Senator Ally La Blanca

2 - Reasons
(1) In the Vanguard Crisis, it was seen that many companies added intellectual properties to their balance sheets and filings, but when it came time to liquidate or sell off those companies, they refused to sell websites or Discord bots

(2) Redmont has no, nor should it have, power to force people to give up certain real-life property in a video game. However, it shouldn't be used as a way to jack up valuations without any consequences

3 - Definitions
(1) Real Life Intellectual Property - Any Intellectual Property or Assets that cannot be transferred to another player or entity due to real-life factors. This includes websites, Discord bots, etc

PART II - INTELLECTUAL PROPERTY

(1) Real Life Intellectual Property Exclusion

(a) Any legal entity as defined by the Legal Entity Act or subsequent acts, as well as any registered financial institution, may not state Real Life Intellectual Property as an asset as part of any corporate filings, valuations, stock listings, or similar filing or document for any reason
(b)Such property may be listed in these filings as a way to give more context, but in no way shall these notes be written in a way to be interpreted as it being part of the company’s valuation

(c) All Real Life Intellectual Property is treated as if it were a permanent part of the player it is owned by unless properly transferred through real life legal means

(d) All Real Life Intellectual Property may not be forcibly transferred to another individual or entity in any way, including but not limited to court cases, asset seizures, bankruptcies, etc

(e) All Real Life Intellectual Property may not be considered an asset or a possession of the player in any way, including court cases, asset seizures, bankruptcies, etc.

(2) Exceptions

(a) Real Life Intellectual Property may exceptionally be added to the balance sheet of a legal entity and their filings in the case that the filings are prepared in accordance with one of the following accounting standards, at the election of the legal entity:

(b) US Generally Accepted Accounting Principles (US GAAP);

(c) International Financial Reporting Standards (IFRS); or

(d) Accounting Standards for Private Enterprises (ASPE).

(e) This Exception must be explicitly requested and accepted by the relevant regulators

 

[Rorroh]

This feels like it should be inherently understood. It just makes sense.