Order 048: Alduria-Benacia Foundation

[Seydlitz]

Government of the Republic of Alduria
President Gerhardt Eugen Seydlitz
ORDER 048

In accordance with the Alduria-Benacia Foundation Act, 1674, as amended,

Pursuant to my authority as President of the Republic of Alduria, and the provisions of the Constitution of Alduria, I hereby promulgate the following:

SECTION I. In the event of a permanent vacancy in the Board of Directors of the Alduria-Benacia Foundation, the following officials shall, in the following order, be ex-officio directors in accordance with Article 3, Section 12 of the aforementioned law:

a. The Secretary of State
b. The Chairman of the Alduria Foundation
c. The Secretary of Finance and Commerce

SECTION II. In accordance with Article 5, Section 3 of the aforesaid law, matters necessary for the granting, use, etc. of contributions shall be as prescribed by resolution of the Board of Directors of the Foundation, provided that true copies of all resolutions and minutes of the meetings of the Board of Directors and its committees are furnished the Office of the President; provided further that the President may exercise his prerogative to veto or amend these regulations at his discretion, in accordance with law. The sole depository of the Foundation shall be the Bank of Alduria. Administrative and operational funds of the Foundation shall be deposited in the Bank of Alduria and Trade Bank of Alduria, and such other banks as the Board may, by resolution, provide.

SECTION III. In accordance with Article 5, Section 5 of the aforesaid law, the action plan and draft budget for each business year shall be as prescribed by resolution of the Board of Directors of the Foundation, provided that true copies of all resolutions, minutes, business plans and draft budgets of the Board of Directors are furnished the Office of the President; provided further that the President may exercise his prerogative to veto or amend these documents at his discretion, in accordance with law. 

SECTION IV. In accordance with Order 002 and the aforesaid law, funds necessary to implement this Order shall be withdrawn from the Development Fund of Alduria, as follows:

a. Two Billion Ecus to the Alduria-Benacia Foundation, provided that no more than 40 million Ecus thereof shall be disbursed every calendar year, provided further, that no more than 10 million Ecus of the aforesaid 40 million shall be disbursed for administrative and operational costs of the Foundation; provided finally that donations and revenues from other sources to the Foundation shall not be subject to the limitations imposed under this provision.

b. Fifty million Ecus shall be to the credit of the Alduria-Benacia Foundation for its initial administrative and operating costs, in addition to the sums already disbursed in accordance with this section.

c. The Bank of Alduria shall manage the funds of the Foundation in such a manner to generate adequate returns while ensuring absolute security of the entire amount.

d. The Office of the President and the Secretary of State shall be provided a monthly balance statement and a monthly revenue and expenditure statement, as well as quarterly and reports on the activities of all funds under the stewardship of the Alduria-Benacia Foundation.

SECTION VI. This Order takes effect on its approval.

SIGNED,

SEYDLITZ
President of the Republic of Alduria.

[Marco Zimmer]

Signed