Summary of an Act
World Legislative Act #7
Earth Federation Funding Corporation
Article 1. • Creates Earth Federation Funding Corporation (EFFC). Lists purposes: to obtain loans and contributions from both public and private sources; to disburse grants and payments to various agencies that will work to achieve democratic non-military, world federation; to arrange for repayment of all loans &25 [Editorial note: about 1985 U.S. $500] or more by Treasury of World Government; limits loans not to exceed &2,500,000,000 [Editorial note: about 1985 U.S. $50,000,000,000].
Article 2. • Permits Earth Federation Funding Corporation to contract loans as lump sums, or as annual subscriptions over a period of years. Lists permitted sources for Earth Rescue Loans.
Article 3.1. • Requires Directors and Officers of Earth Federation Funding Corporation (EFFC) to determine approval or declinations of grants and disbursements of loans to best serve and help to achieve purposes of EFFC. Lists Earth Federation agencies to receive loans.
3.2. • Lists Activities for which loans can be put to use: Ratification of Earth Constitution and implementation of world legislation.
Article 4. • Requires repayment of Earth Rescue Loans according to specified conditions, including repayment schedule, interest to loan creditors, notification of conditions for repayment, and bonus interest for early investors,
Article 5. • Defines organizational and operating structure of Earth Federation Funding Corporation to include Board of Directors, Officers, and Executive Committee, Directorate, and Central Bank.
Sec. 5.1. • Composes Board of Directors of Earth Federation Funding Corporation according to specified guidelines, including 11 Parliamentary Directors, 12 other directors, up to 100 source of funding Directors. Directs originating sources to fill vacancies. Requires Board of Directors to adopt necessary bylaws and rules.
Sec. 5.2. • Requires Board of Directors to elect EFFC Officers. Defines EFFC Officers to include President, two vice Presidents, Secretary, Treasurer, Executive Director for Directorate, and Managing Director for Central Bank. Requires Officers to serve 2 year terms. Permits Board of Directors to elect officers for succeeding terms.
Sec. 5.3. • Defines composition of Executive Committee. Requires Executive Committee to make all necessary decisions between meetings of entire Board.
Sec. 5.4. • Establishes Directorate in Lucknow, INDIA. Requires Executive Director to head Directorate. Assigns Directorate to implement Earth Federation Funding Corporation, subject to decisions of Board of Directors and of Executive Committee. Describes role and function of Directorate for disbursement of funds.
Permits Board of Directors to conditionally change location of Directorate. Requires Executive Director to serve as ex-officio Officer and member of Board.
Sec. 5.5. • Defines conditions for establishment of EFFC Central Bank. Requires Board of Directors to conditionally elect General Manager to head Central Bank. General Manager of Central Bank is ex-officio Officer of Directorate, and of Executive Committee. General Manager is Managing Director on Board of Directors.
Permits Central Bank of EFFC to receive loans and funds from all sources. Requires Central Bank to make grants and disbursements under direction of Directorate. Central Bank shall make weekly reports, including recommendations, to Directorate. Requires processes for supervision and auditing.
Sec. 5.6. • Requires EFFC grant applicants to submit applications to Directorate, and send duplicate copies to Central Bank.
Sec. 5.7. • Defines quorum for Meetings of Board of Directors and of Executive Committee, to include at least three Parliamentary Directors.
Article 6. • Requires Parliamentary Directors to invite up to 300 respected persons from many countries to form prestigious Advisory Board, and/or Board of Honorary Financial Sponsors, to give credibility, status and stability to Earth Federation Funding Corporation.
Article 7. • Defines and requires first steps of Earth Federation Funding Corporation.
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Adopted as World Legislative Act #7, at the second session of the provisional World Parliament, meeting in New Delhi, India, March 1885, convened in conformance with Article 19 of the Earth Constitution. Amended at the sixth (2003) and eighth (2004) sessions of the provisional World Parliament.
Philip Isely, Secretary (2nd & 4th sessions)
Provisional World Parliament
Eugenia Almand, JD, Secretary
Provisional World Parliament