The Banking and Treasury Act 2022
|The Banking and Treasury Act 2022|
|Created||24 March 2022|
|Ratified||27 April 2022|
|Signers||The Kohlandian Parliament|
|Purpose||Establishment of Treasury Department and Bank of Kohlandia|
The Banking and Treasury Act 2022 is an Act of Parliament in the Kingdom of Kohlandia which formally establishes the Bank of Kohlandia, which had previously existed as a notional entity for the purposes of minting currency. The Act also establishes the Treasury Department, plus the roles of Chancellor and Governor of the Bank of Kohlandia.
The Act grants the Chancellor the power to control taxation in Kohlandia, although it does not require any specific taxes to be established.
The Act was first introduced to the Kohlandian Parliament by HM Queen Catherine I on 24 March 2022. The purpose of the Bill, when introduced, was to establish the Treasury Department, the role of Chancellor in the Executive, formally establish the Bank of Kohlandia, and establish the role of Governor of the Bank of Kohlandia to govern the bank.
The Bill was passed with 2 votes for and zero against. It received Royal Assent on 27 April 2022, becoming law.
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