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Treasury and Economic Regulation Act

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An Act to provide for the establishment of a governmental body to regulate the collection and the disbursement of public funds.

ENACTED by the Koru of the Hokorian State under the Constitution of the Hokorian State.

Part I- Preliminary

Section 1- Short title

  1. This Act may be cited as the Treasury and Economic Regulation Act, 2025.

Section 2- Commencement

  1. This Act shall come into force on a date appointed by the Koru of the Hokorian State.

Section 3- Interpretation

  1. “Office of the Treasury” means the governmental office responsible for collecting all taxes, duties and monies due to the Government, paying all bills and obligations of the Government where an Appropriation exists and enforcing financial laws including investigating counterfeiting or financial crimes;
  2. “National Fiscal Commission” means the body consisting of the Koru, the Lord High Treasurer and the Prime Minister, exercising powers specified under this Act;
  3. “Central Fund” means the central account of the Hokorian Government receiving all revenues, taxes and loan proceeds unless exempted by law or by the Koru.

Part II- Treasury

Section 4- Establishment

  1. The Office of the Treasury shall be established as an Office of the Government-
    1. Under the Koru’s Provisions, subordinate to the Koru’s Office; and
    2. With responsibility and authority-
      1. To collect all taxes, duties and monies due to the Government; and
      2. To pay all bills and obligations of the Government, provided an Appropriation exists; and
      3. To enforce financial laws and investigate counterfeiting or financial crimes.

Section 5- Oversight

  1. The position of the Lord High Treasurer shall be established as a position of the Government-
    1. As the leader of the Office of the Treasury; and
    2. Appointed and dismissed at the direction of the Koru of the Hokorian State; and
    3. Delegated the powers-
      1. To oversee and change the operations of the Office of the Treasury;
      2. To suggest actions related to finance and the Treasury to the Koru for the benefit of the State.
  2. The National Fiscal Commission shall be established as an Office of the Government-
    1. Consisting of the Koru, the Lord High Treasurer and the Prime Minister; and
    2. Delegated the powers-
      1. To change the goals and principles of operation of the Office of the Treasury;
      2. To implement actions suggested by the Lord High Treasurer with the Koru’s approval;
      3. To summon related persons to testify regarding fiscal mismanagement;
      4. To communicate with other parts of the Government on behalf of the Office of the Treasury;
      5. To communicate with the Office of the Treasury on behalf of other parts of the Government.

Part III- Funds

Section 6- General provisions

  1. The Central Fund shall be established-
    1. As the central account of the Government;
    2. To receive all revenues, taxes and loan proceeds collected by the State unless explicitly exempted-
      1. By law; or
      2. At the Koru’s discretion.
    3. To fund governmental expenditure as authorised.

Section 7- Uses

  1. No monies shall be withdrawn from the Central Fund except-
    1. To meet expenditure charged directly upon the Fund by standing laws; or
    2. Where the issue of those monies has been authorised by an Appropriation passed by the Hokorian Assembly; or
    3. Where approved by the National Fiscal Commission as emergency funding.
  2. Surplus in the Central Fund shall be audited by the National Fiscal Commission every three months. The surplus shall be-
    1. If determined to be a small amount, kept in the Central Fund until further notice;
    2. If a sufficiently large amount, transferred to be used in economic activities as determined by the Office of the Treasury;
    3. If a large amount, audited by the Assembly for further funding.