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inspection organization appointed by it. Violations may be punished by withdrawal of the permit to operate a bank.
§ 9.The State Bank must advise on the issue of coins. It does not have the right to mint coins itself. Have them minted, or to put them into circulation in some other way.
§ 10.The State Bank may transact business with natural and legal persons, authorities or other institutions of a kind either at home or abroad. Business transactions in this sense are:
§ 10.1.buying and selling of bills of exchange and cheques foreign currency
§ 10.2.buying and selling of debts and securities as well gold, silver and platinum
§ 10.3.granting of loans against securities
§ 10.4.taking charge or custody of valuables and securities
§ 10.5.accepting cheques, bills, money, orders, securities and interest coupons for collection
§ 10.6.carrying out other banking commissions and business
§ 11.The State Bank's financial year is the calendar year. An annual account made out in Sealand dollars must be produced and shall be examined at the request of the Sovereign.
§ 12.The net profit is to be used as follows:
§ 12.1.10% of the net profit is to be used as reserve fund
§ 12.2.20% of the net profit is to be carried to a special revenue fund
§ 12.3.the rest is to be paid over to the Principality or as otherwise decided by the Privy Council
§ 13.The annual account of the State Bank shall be published at the request of the Sovereign and shall show:
§ 13.1.Assets: gold, silver, platinum, credit at banks, foreign currency and cheques, bills of exchange accounts receivable
§ 13.2.Registering regulations etc. do not apply to the State Bank. The President of the State Bank shall be entered in the commissioned register of the Principal of Sealand.
§ 14.Any person distributing money tokens (coins, notes) or using them for payment without authorization shall be punished. In addition all international regulations on fraud and attempted fraud will apply.
§ 15.The President of the State Bank shall organize the State Bank as his own responsibility.
Roy of Sealand
Law relating to the keeping of registers in the field of powers of Attorney, Registration of companies and shipping
§ 1.All persons and institutions entrusted with activities under public law by the Sovereign of the Principality of Sealand have to be recorded in a special register, whereby the extent of the authorization has to be specified in detail. All persons and institutions will be recorded in the same register of Powers of Attorney (Register A) with detailed specification of the authorization, who are authorized for a natural or an artificial person of the Principality of Sealand.
§ 2.All Companies having limited liability and Corporations will be recorded in the public Register of Companies (Register B). Only such registered companies and corporations are considered as having their domicile in the Principality of Sealand.
§ 3.The minimum issued share capital of a private limited liability company is Sealand Dollar 40,000.
§ 4.
All companies incorporated in Register B have to deposit with the State Bank of Sealand a sum equal to 10 % of its issued capital. This deposit will earn interest at the