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CONGRESS OF THE
COMMONWEALTH OF REDMONT
A BILL TO
Establish Congressional Authority to Nationalise Corporations
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 ‘Nationalisation Through Congress Act’ or 'NTCA'.
(2) This Act shall be enacted immediately upon its signing.
(3) This Act has been authored by Representative eatean.
(4) This Act has been co-sponsored by Representative EmeraldGuuy.
(5) This Act amends the following acts:
(a) Redmont Corporate Entities Act
(b) Legislative Standards Act
2. Reasons and Intent
(1) Bailouts of financial institutions are notoriously costly and do not sufficiently restore public confidence in these institutions.
(2) The sole authorities to permanent receivership — Redmont's closest equivalent to nationalisation — are the Judiciary and the Executive, both of which are appointed positions rather than elected positions.
(3) To give the proper power to a form of nationalisation to the people, this bill therefor enables Congress to force the acquisition of a controlling interest in incorporated or unincorporated corporations.
PART II — AMENDMENTS
4. Amendments to the Redmont Corporate Entities Act
(1) Part 1, Section 3 of the Redmont Corporate Entities Act shall be amended as follows:
(cc) Initial Public Offering. The first public offering of shares of an Entity for sale to the public through a registered Stock Exchange whether by the means of a fresh issue of additional shares, an offer of shares by the Shareholders or a combination of the foregoing.
(dd) Dutch-auction IPO. A type of Initial Public Offering which uses a bidding process in which shares are initially offered at an excessive price that is gradually lowered until all offered shares are sold.
(2) The Redmont Corporate Entities Act shall be amended as follows:
PART XXIII - CONGRESSIONAL AUTHORITY TO ESTABLISH A CONTROLLING INTEREST IN CORPORATIONS
90. Acquisition of Controlling Interest
(1) Any Incorporated Entity subject to this section shall:
(a) abandon its existing formation instrument;
and
(b) adopt a replacement formation instrument where the formation instrument includes a provision providing for:
(i) its formation as a 'corporation';
(ii) the Corporation becoming a Public Company no later than 15 days after the formation instrument comes into force;
(iii) "Class A" shares, comprising 10% of the Corporation's equity, shall be issued to the Department of Commerce, and shall at all times carry 51% of the Corporation's Voting Power;
(iv) "Class B" shares, comprising 45% of the Corporation's equity, shall be issued proportionally to equity of the holders of the previous formation instrument's Authorised Shares, and shall carry 24% of the Corporation's Voting Power;
(v) "Class C" shares, comprising 45% of the Corporation's equity and carrying 25% of the Corporation's Voting Power, shall be issued for the purpose of an Initial Public Offering;
(vi) The Initial Public Offering of the Class C shares shall be conducted through a Dutch-auction IPO;
(vii) Class A shares shall not be sold, offered for sale, transferred, assigned, pledged, gifted, exchanged, or otherwise disposed of, whether directly or indirectly, except by operation of Section 91;
(viii) Class A shares shall at all times carry 51% of the total votes on every matter, adjusting automatically for any issuance, conversion, or exercise of any other security;
(ix) Any action that reduces, dilutes, or alters the Voting Power, rights, or privileges of Class A shares is void, except by operation of Section 91;
(x) Any shareholder vote shall pass with at least 51% of the Voting Power, voting as a single class, notwithstanding any other law or agreement;
(xi) The provisions of this section, including those provided in clauses (i) through (x), shall not be altered, amended, or repealed by the Corporation, its shareholders, or any other means except as otherwise provided by an Act of Congress passed by a supermajority in both chambers, or by operation of Section 91;
(c) be eligible to receive discretionary funding, grants, subsidies, loans, guarantees, or other financial assistance from the Commonwealth or any Government Entity, subject to applicable law and appropriations.
(2) Any sole proprietorship subject to this section shall:
(a) adopt a formation instrument where the formation instrument includes a provision providing for:
(i) its formation as a 'corporation';
(ii) the Corporation becoming a Public Company no later than 15 days after the formation instrument comes into force;
(iii) "Class A" shares, comprising 10% of the Corporation's equity, shall be issued to the Department of Commerce, and shall at all times carry 51% of the Corporation's Voting Power;
(iv) "Class B" shares, comprising 45% of the Corporation's equity, shall be issued to the proprietor of the sole proprietorship, and shall carry 24% of the Corporation's Voting Power;
(v) "Class C" shares, comprising 45% of the Corporation's equity and carrying 25% of the Corporation's Voting Power, shall be issued for the purpose of an Initial Public Offering;
(vi) The Initial Public Offering of the Class C shares shall be conducted through a Dutch-auction IPO;
(vii) Class A shares shall not be sold, offered for sale, transferred, assigned, pledged, gifted, exchanged, or otherwise disposed of, whether directly or indirectly, except by operation of Section 91;
(viii) Class A shares shall at all times carry 51% of the total votes on every matter, adjusting automatically for any issuance, conversion, or exercise of any other security;
(ix) Any action that reduces, dilutes, or alters the Voting Power, rights, or privileges of Class A shares is void, except by operation of Section 91;
(x) Any shareholder vote shall pass with at least 51% of the Voting Power, voting as a single class, notwithstanding any other law or agreement;
(xi) The provisions of this section, including those provided in clauses (i) through (x), shall not be altered, amended, or repealed by the Corporation, its shareholders, or any other means except as otherwise provided by an Act of Congress passed by a supermajority in both chambers, or by operation of Section 91;
(b) be eligible to receive discretionary funding, grants, subsidies, loans, guarantees, or other financial assistance from the Commonwealth or any Government Entity, subject to applicable law and appropriations;
(c) establish itself as an Incorporated Entity.
91. Requisition of Controlling Interest
(1) Any Incorporated Entity subject to this section shall:
(a) redistribute all shares held by the Department of Commerce, the Commonwealth, or any Government Entity in equal numbers among all shareholders as of the date of redesignation, with fractional shares permitted;
(b) be ineligible to receive discretionary funding, subsidies, guarantees, or any combination thereof from the Commonwealth or any Government Entity;
(c) amend the Incorporated Entity's formation instrument to remove any provision that prohibits the formation instrument from being removed, altered, or otherwise changed in any way.
(d) Upon redistribution, all Class A shares shall carry one vote per share, and clauses (vii) to (x) of Section 90 cease to apply.
5. Amendments to the Legislative Standards Act
(1) Section 11 of the Legislative Standards Act shall be amended as follows:
(16) Motion to Nationalise
(a) A Motion to Nationalise seeks to designate corporation(s), sole proprietorships or any combination thereof to be subject to Part XXIII, Section 90 of the Redmont Corporate Entities Act.
(b) Corporations and sole proprietorships designated shall be subject to Part XXIII, Section 90 of the Redmont Corporate Entities Act.
(c) A Motion to Nationalise requires a supermajority in both chambers of congress to pass.
(17) Motion to Privatize
(a) A Motion to Privatize seeks to redesignate corporation(s) already designated under a Motion to Nationalise.
(b) Corporations redesignated shall be subject to Part XXIII, Section 91 of the Redmont Corporate Entities Act, and no longer subject to Part XXIII, Section 90 of the Redmont Corporate Entities Act.
(c) A Motion to Privatize requires a supermajority in both chambers of congress to pass.
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