Cornerstone Bank - Financial Institution Registration

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MrFluffy2U94

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Username: MrFluffy2U94

Registered Name: Cornerstone Bank

Company Docket Thread URL: Company Docket: Cornerstone Bank LLC

Address: C-7-Regent Street

Primary Contact Person: MrFluffy2U94

Directors:
MrFluffy2U94 - President / CEO

Compliance Officer: MrFluffy2U94

Type of Institution: Bank

Scope of Activities: Deposit-taking, Consumer lending, Commercial lending, Investment services

Scope of Activities (other): Plan to primarily be an in-game ATM style bank offering consumer and commercial loans to citizens, and eventual expansion into investment services.

Authorized Share Capital: No shares, as we are an LLC, but MrFluffy2U94 is the only stakeholder currently holding 100% of all interest.

Ownership Structure: 100% owned and operated by MrFluffy2U94

Brief Description of Services and Customer Base: Our customer base is any citizen wishing to deposit in our secure bank. We will offer in game ATM's, that offer security and instant withdrawlas at any time. We will offer collateral backed commercial and consumer loans that meet our strict, safe criteria. We will offer investment services, providing greater interest rates for those customers that fully understand and accept the risks that come with investments.

By signing below, the Applicant acknowledges and undertakes to:

  1. Financial Institution Tax
    • Pay a monthly Financial Institution Tax at the rate of (10%) of reported profits (Revenue Act § 6(2)).
    • Submit payment by the end of the second week of the following month.
  2. Financial Records & Reporting (Revenue Act § 7)
    • Maintain detailed accounts of investment revenue, operating costs, assets, and liabilities.
    • Report to the Ministry of Trade & Finance by the end of the first week of each month:
      • Profits for the preceding month
      • Total assets & liabilities as of month-end
      • Significant changes in financial condition or operations
      • Summary of investment portfolio (securities, loans, other instruments)
      • Regulatory actions, legal proceedings, or material events
      • Compliance status with financial regulations
  3. Audit & Inspection
    • Consent to Ministry audits and inspections of financial records (Revenue Act § 8(3)(a)).
  4. Tax Exemption
    • Upon registration, this entity shall be exempted from the Corporate Balance Tax (1% weekly) under Revenue Act § 11(2)(a).
    • Acknowledge that exemption may be revoked for misrepresentation or non-compliance.

Link to Company Docket: Company Docket: Cornerstone Bank LLC

List of Share Classes & Ownership : N/A LLC


Declaration and Signature
I, the undersigned, hereby certify that the information provided is true and correct, that this Entity is duly organized under the Laws of the Kingdom of Alexandria, and that it will comply with all taxation, reporting, and regulatory requirements of the Revenue Act.
 
Last edited:
Thank you for your application for the registration of Cornerstone Bank as a Financial Institution.

We have a couple of points that need clarification or correction before we can proceed:

  1. Company Docket Link: The "Link to Company Docket" at the end of your application currently points to a Discord channel. Please ensure this link references the company docket thread on the forums, similar to the "Company Docket Thread URL" you provided earlier: Company Docket: Cornerstone Bank LLC
  2. List of Share Classes & Ownership Register Excerpt: The provided link for the "List of Share Classes & Ownership Register excerpt" also points to a Discord channel. We require access to this information, and it should ideally be accessible on the StateCraft forums or a publicly viewable document. Please provide a valid and accessible link to this information.
Once these points have been addressed, we will be able to continue processing your application.
 
Nim said:
Thank you for your application for the registration of Cornerstone Bank as a Financial Institution.

We have a couple of points that need clarification or correction before we can proceed:

  1. Company Docket Link: The "Link to Company Docket" at the end of your application currently points to a Discord channel. Please ensure this link references the company docket thread on the forums, similar to the "Company Docket Thread URL" you provided earlier: Company Docket: Cornerstone Bank LLC
  2. List of Share Classes & Ownership Register Excerpt: The provided link for the "List of Share Classes & Ownership Register excerpt" also points to a Discord channel. We require access to this information, and it should ideally be accessible on the StateCraft forums or a publicly viewable document. Please provide a valid and accessible link to this information.
Once these points have been addressed, we will be able to continue processing your application.
Click to expand...
Both issues have been corrected.
 
Accepted

However I do not appreciate being constantly pinged.
 
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