Policy Policy on Legal Entity Act Violations (v1.0)

[PhillinDeBlanc]

Policy on Legal Entity Act Violations (v1.0)
Ministry of Trade and Finance
Issued by: PhillinDeBlanc, Minister of Trade and Finance.
Authored by: PhillinDeBlanc, Minister of Trade and Finance.​

The Ministry of Trade and Finance is empowered to make this policy through:
A.P.00-020 | Legal Entity Act §13
A.P.00-044 | Government Organization Act §16

1. This policy shall serve as a comprehensive list of all penalties for violation of the legal entity act unless otherwise stated in law.
2. For minor violations of relevant legislation, the MoTF must notify the party in violation and give them 3 days to rectify. If the party in violation does not rectify the error and notify the MoTF by the 3rd day, the MoTF shall penalize the party in violation.
3. If a party in violation is unable to pay the penalty, the MoTF shall refer violations to the MoJ for asset seizure.
4. If a legal entity is in violation for 10 days or more, they shall be deregistered and have their financial institution status revoked.

Format:
(#) Name of violation.
(a) Link to relevant law.
(b) Nature of violation.
(c) Fine.

Infrations & Penalties
(1) Bearer share violation.
(a) Violation of A.P.00-020 §7.12(2)
(b) A Corporation is in violation of A.P.00-020 §7.12(2) if a player, or players hold a share or shares in the corporation through physical items. Physical items may be used to facilitate transactions with a company's ledger but may not be used to represent the shares themselves.
(c) £50 per infraction per day until rectified.

(2) Fractional share infraction
(a) Violation of A.P.00-020 §7.12(3)
(b) A Corporation is in violation of A.P.00-020 §7.12(3) if it issues, transfers, or records in its share register ownership of a fraction of a share.
(c) £100 per infraction per day until rectified.

(3) Lack of share register infraction
(a) Violation of A.P.00-020 §7.12(10)
(b) A Corporation is in violation of A.P.00-020 §7.12(10) if they do not have a share register.
(c) £100 per day until rectified.