 |
|
|
|
|
|
|
|
 |
|
||||||
|
|||||||
 |
5. Union Objects
|
|
| Article 63-Union Treasury | ||
| 63.1 | Union Treasury | |
| The Union Treasury shall be the principal financial organ of the Union. It shall function in accordance with the annexed Statute, which is based upon the Statute of the Permanent Union Treasury and forms an integral part of the present Charter. It shall have legal personality. | ||
| 63.2 | Membership of Union Treasury | |
| All Members of the Union are ipso facto parties to the Statute of the Permanent Union Treasury. | ||
| A state which is not a Member of the Union may become a party to the Statute of the Permanent Union Treasury on conditions to be determined in each case by the General Assembly upon the recommendation of the Secretary-General. | ||
| All international laws and commercial agreements concerning areas as defined as being within the scope and authority of the Union Treasury shall by default be subservient and the responsibility of the Union Treasury. | ||
| 63.3 | Purpose of Union Treasury | |
| The purposes of the Union Treasury are: | ||
| (1) To hold in reserve sufficient Supreme Credits representing supreme objects of the highest integrity and value that their equivelent face value may represent at least one and half times the needed single universal monetary unit and units of currency in issue; and | ||
| (2) To issue sufficient single universal monetary units guaranteed to the equivelent face value of Supreme Credis that they may be used for physical and digital value exchange; and | ||
| (3) To provide the necessary instruments and mechanisms to maintain a single universal currency unit known as the Euro . To enable all financial matters and transactions for all member states to be able to be defined according to this single Union currency unit; and | ||
| (4) To promote monetary cooperation through a permanent institution representing all member states of the Union which provides the machinery for consultation and collaboration on international monetary problems of Europe; and | ||
| (5) To facilitate the expansion and balanced growth of trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all member states as primary objectives of economic policy of Europe; and | ||
| (6) To cooperate with the International Treasury as part of the reform of the Globe Union ; and | ||
| (7) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation; and | ||
| (8) To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of trade within the Union. To provide the transaction and clearing house mechanisms for trade and financial arrangements between Member States of the Union; and | ||
| (9) To provide treasury facilities on behalf of Member States for the deposit of their foreign cash reserves that are not otherwise committed to the budget needs of a member state; and | ||
| (10) To provide a co-operative framework between the principle Treasury and Financial organs of each Member State such that optimum and stable policies may be in place for each state in regards to prices, wages, unemployment, growth, debt and investment; and | ||
| (11) To promote the stability of prices, markets and private enterprise through systems enabling the reduction in the insurance and liability burden of member states through insurance underwriting and agreements on reinsurance, risk standards, claims payments and premiums; and | ||
| (12) To protect and help rebuild communities and infrastructure assets through the promotion of disaster planning standards and policies as well as such organs and agencies that are necessary to ensure immediate disaster relief assistance and plans exist for every single community in every single member state of the Union; and | ||
| (13) To give confidence to members by making the general resources of the Union Treasury temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of government budget payments without resorting to measures destructive of national or international prosperity; and | ||
| (14) In accordance with the above, to assist the Union in the achievement of its purposes and principle objectives. | ||
| 63.4 | Organs of the Union Treasury | |
| In order to fulfill its primary objectives, the Union Treasury shall comprise of the following permanent organs and any such other organs deemed necessary by amendment to this Charter: | ||
Globe Union Reserve (the Union Reserve) Globe Union Exchange Globe Union Disaster Relief Fund Globe Union Bank for Reconstruction and Development Globe Union Insurance Fund Globe Union Government Budget Agency Globe Union Finance Corporation Globe Union Centre for Settlement of Investment Disputes (ICSID) |
||
| 63.5 | Standard Union Accounts | |
| Each Member State of the Union shall be provided a single set of standard accounts by the Union Treasury which represents their own financially related accounts. These shall be called Union Treasury Member Accounts. | ||
| The standard Union Treasury Member Accounts provided to each member shall comprise of the following accounts and any such other accounts deemed necessary by amendment to this Charter: | ||
| Credit Deposit Account Credit Exchange Account Credit Investment Account Credit Debt Account Credit Contribution Account Credit Relief Account |
||
| The Credit Deposit Account shall be the standard account by which all cash deposits by member states shall be uniquely identified. A Member State shall have only one Credit Deposit Account. | ||
| The Credit Exchange Account shall be the standard account by which all cash exchange and payments by member states shall be uniquely identified. All Member States are expected to maintain sufficient balance in their Credit Exchange Account to cover all confirmed payments and short term financial obligations. A Member State shall have only one Credit Exchange Account. | ||
| The Credit Investment Account shall be the standard account by which all long-term cash deposits and investments by member states shall be uniquely identified. A Member State shall have only one Credit Investment Account. | ||
| The Credit Debt Account shall be the standard account by which all long-term cash loans by member states shall be uniquely identified. A Member State shall have only one Credit Debt Account. | ||
| The Credit Contribution Account shall be the standard account by which all cash donations by member states to the Union shall be uniquely identified. A Member State shall have only one Credit Contribution Account. | ||
| The Credit Relief Account shall be the standard account by which all cash relief and aid money for member states shall be uniquely identified. A Member State shall have only one Credit Relief Account. | ||
| 63.6 | Proper Account Authorization | |
| By this Charter, each Member State and their related financial organs shall have ultimate authorization for the deposit and withdrawal of funds from any of their standard accounts. | ||
| No power by this Charter shall be permitted to interfere with the right of a member state to their standard accounts except under a vote of emergency powers of the General Assembly. | ||
| 63.7 | Emergency temporary powers of authority over accounts of member state | |
| Under extreme circumstances, by this Charter and with a vote of either the General Assembly or the Supreme Council shall be granted temporary executive power over the standard accounts of a member state. In such circumstances that it is deemed the good governance and financial conduct of a state is under serious threat control shall be given to the Supreme Council to temporarily halt a members account authorization. | ||
| Such emergency powers shall be limited by a clause restoring full control of accounts to a member state. No resolution or act shall permit the ongoing suspension of a Member States standard accounts for longer than sixty (60) days. | ||
| 63.8 | Absorption of existing organs into Union Treasury structure | |
| By the authority of this Charter, all existing entities and central banks that provide services in part or whole to the members of the Union, excepting those related to the Union, shall be absorbed into the organs and structure of the Union Treasury. | ||
Copyright © 2009 Globe-Union.Org. All rights reserved. |
||