Bill: Draft Taxation Act Director Amendment

[zLost]

A
BILL
To
Amend the Taxation Act​

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 'Taxation Act Director Amendment'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by ToadKing.
(4) This Act has been sponsored by Representative zLost.
(5) This Act has been co-sponsored by Senator Omegabiebel.

2 - Reasons
(1) To remove ambiguous references to "owners" in the Taxation Act.
(2) To align terminology with the Legal Entity Act, which defines directors as the appropriate term for those controlling legal entities.
(3) To eliminate confusion regarding who may be held liable for financial institution obligations.

3 - Amendments
(1) Section 8(3)(d) of the Taxation Act shall be amended as follows:

"(d) Seizure and Sale. The Department of Commerce may consider commercial remedies such as selling a collapsed financial institution (or parts of a collapsed financial institution) to other interested financial institutions/parties. This may only take place when it is in the best interests of the depositors. Additionally, the Department may seize the assets of Directors/Owners of the Financial Institutions (with the least required disturbance to their estate) to recover debts."

(2) Section 9(2)(c) of the Taxation Act shall be amended as follows:

"(c) The DOC is able to seize Financial Institution and Director/Owner assets to recover the costs to depositors. This process must be done with the least practicable disruption to the estate targeted."