CB Charter

Article 1. Preamble

This document and all its contents shall be known as the Charter of the Common Bank, hereafter Charter. Its commission creates the Common Bank, hereafter Bank, for which the terms of this Charter shall be the supreme law.

Article 2. Mission

The Mission of the Bank is to provide a universally-acceptable medium of exchange to people, companies, and governments of all nationalities. Furthermore, the Bank shall provide any other services the Board may commission to facilitate efficient, reliable, and secure transactions across national and state borders for its clients.

Article 3. Ownership and Leadership

Section 1.

The Bank shall be owned by the Socialist Republic of Xanthal, as represented by the sovereign government thereof.

Section 2.

The Bank shall be led by a Board of nine people, appointed by the Xanthalian Triumvirate. The Board shall make decisions with no fewer than five of its members in favor.

Section 3.

Monetary compensation of Bank employees shall be dispensed by the Socialist Republic of Xanthal in Credits.

Section 4.

The Bank shall operate under the legal jurisdiction of the Socialist Republic of Xanthal, and shall be subject to the judgments of the High Court of Xanthal.

Article 4. Currency Creation, Destruction, and Exchange

Section 1.

The Bank shall mint Common Credits, hereafter Credits, for distribution to Members and other clients.

Section 2.

The Bank shall redeem at market value any foreign currency with a reasonable level of acceptability, as determined by the Board, for Credits.

Section 3.

The value of the Common Credit shall be set by the Board.

Section 4.

The Bank may charge a premium no more than 10% on purchases of Credits.

Section 5.

The Bank shall retain the right to destroy any currency in its possession with the approval of the Board and the Xanthalian Council.

Article 5. Members and Obligations

Section 1.

Any internationally-recognized state or otherwise sovereign party agreeing to be legally bound by the provisions of this Charter through legal and official approval by that party’s legal representative(s) that informs the Board of its agreement is a Member of the Bank unless rejected by the Board.

Section 2.

All Members must stock no less than 1% of domestic currency reserves in Credits.

Section 3.

All Members must allow the Bank to hold their currency, and allow the Bank to use their currency to purchase items from sellers within their jurisdiction.

Section 4.

Each Member must make Credits available, at a premium not exceeding 5%, to any person within its jurisdiction in exchange for its fiat currency.

Section 5.

Each Member must make its fiat currency available, at market value, to any person within its jurisdiction in exchange for Credits.

Article 6. Amending the Charter

The Board may propose Amendments to this Charter, which shall take effect when approved by two thirds of Members.