CURRENCY RESERVE ACT 2020
An Act relating to the legal tender of the South Pacific.
Part 1 — Preliminary
I. Status
This Act is a general Act and further amendments to it must meet general amendment requirements.
II. Interpretation
In this Act, unless otherwise specified —
Authority is defined as the Regional Monetary Authority.
Currency is defined as forum points which are the legal tender in the South Pacific.
External territories is defined as the NationStates region and the Discord server of the South Pacific.
Forum is defined as the property of the South Pacific located at "https://tspforums.xyz/'.
Officials is defined as the Chairperson and the two Governors of the Regional Monetary Authority.
Simple majority is defined as more than half of those voting, excluding abstentions, voting in favour.
Supermajority is defined as more than two-thirds of those voting, excluding abstentions, voting in favour.
The South Pacific is defined as the forum of the South Pacific.
Part 2 — Currency
I. Monetary unit
(1) The monetary unit of the South Pacific is the Dramatic Llama.
(2) The abbreviated form of the Dramatic Llama is "DL".
II. Denomination
(1) The denomination of money is the Drama Llama and the Pensive Llama.
a. One Drama Llama is the equivalent worth of two Pensive Llamas.
b. The NationStates equivalent is the Maxtopian dollar. One Drama Llama is the equivalent worth of five Maxtopian dollars.
III. Use of the Dramatic Llama
(1) All monetary transactions in the South Pacific shall be recorded, expressed, and settled in Dramatic Llamas.
(2) Monetary transactions in the external territories of the South Pacific may be recorded, expressed, and settled in Dramatic Llamas.
Part 3 — Regional Monetary Authority
I. Establishment
(1) The Regional Monetary Authority is responsible for the financial policy of the South Pacific.
(2) The Authority is an independent body.
II. Function
(1) The Authority has the power to determine the payment system of the government and take any such action as is required to ensure the proper functioning of the system.
III. Composition
(1) The Authority shall comprise of –
a. a Chairperson; and
b. two Governors.
(2) The officials shall be nominated by the Prime Minister for a term of four months and confirmed by the Assembly with a simple majority.
(3) Officials shall be removed from their position if they —
a. are recalled by the Assembly with a supermajority; or
b. resign in writing to the Chair of the Assembly.
