Company and Colony Nationalization Act
| Company and Colony Nationalization Act | |
| Long title | An Act to bring under public ownership several companies of major importance to Überstadti production and commerce, to revoke royal ownership of real property granted by decree, and for related purposes. |
| Proposed | 19 September 2013 |
| Passed | 19 September 2013 |
| Sponsored by | Prince Aaron of Überstadt |
The Company and Colony Nationalization Act is an act passed by the Parliament of Überstadt 17 September 2013 which nationalized Überstadt's three companies and one colony, which had been under private ownership since May 2013. The act is regarded as the first successful socialist reform in the Kingdom.
Background and legislative history
The Theodorist Party of Überstadt rose to power on the day of its foundation, 2 September 2013. Prince Aaron, Prime Minister and sole Member of Parliament, dissolved his Renaissance Party to become the Theodorist deputy leader. The new party's platform outlined a path to socialism in Überstadt, the proposed first steps being the nationalization of businesses and bringing Creekbed Colony and wild fruits back into public ownership (these had been made the king's property by a May royal decree). Aaron voted for Parliamentary Bill 24 on 17 September, making into law the first goal of his party.
Content
Section 1
Section 1 provides the short title of the act.
Section 2
Section 2 nationalizes Apotheker, the Bank of Rosewood, and Rosewood Fruits. With these companies was seized all their respective inventories, most significantly several unsold bags of Sporum produced by Apotheker. The huckleberry bushes within Rosewood are clarified in this section as belonging to the newly-public Rosewood Fruits.
Section 3
Section 3 orders nominal compensation in United States dollars for the former owners of the companies. King Adam was compensated with $2 and Prince Aaron was compensated with $3.
Section 4
Section 4 repeals the prior royal seizure by decree of the ownership of Creekbed and all naturally-occurring fruit-bearing plants. This resulted in the return of Creekbed to public property, but also in a number of plants belonging originally to the Royal Family being nationalized. The king was not compensated for this section's actions.
Section 5
Section 5 places the companies under the control of the Ministry for Commerce and orders the minister to give weekly reports to the king and Parliament of the state of each company. A register of public employees is ordered created by this section. The nationalized companies are mandated to be operated "with the primary objective of maximizing national welfare," while stating that the maximization of profit is not necessary.
Section 6
Section 6 defines the sorts of activities that may be undertaken in Creekbed Colony. Agricultural activities not found to harm the involved plants or surrounding ecosystem are allowed, as is scientific research in the fields of biology and geology. Engineering research involving dams and bridges is permitted if environmental damage is minimized. Defense activities necessary to protect the colony are also authorized.