World Legislative Act #7
Earth Federation Funding Corporation
The People of Earth are confronted, today, with many extreme and inter-related problems. Whether we survive or perish depends on the effectiveness with which solutions to these problems are devised and carried out during the coming decades.
But effective solutions are impossible so long as nations insist on the continuance of national sovereignty, or on consultative institutions based on national sovereignty, as the framework within which to negotiate and manage those affairs which transcend national boundaries.
Peaceful and effective solutions to the major problems concerned with human survival and progress on Earth, require that an adequate World Federation and non-military democratic world government design and implement those solutions The framework of solutions now ready for implementation include, among others, the following:
* The Constitution for the Federation of Earth (Earth Constitution);
* A series of sessions of a provisional World Parliament, continuing until the Earth Constitution has been ratified by a sufficient number of countries;
* World Legislative Act #1, which prohibits weapons of mass destruction, including nuclear weapons, and provides for the organization and functioning of a World Disarmament Agency;
* World Legislative Act #2, which provides for a World Economic Development Organization, including the design for a new world finance and credit system based on potential productive capacity rather than past savings;
* World Legislative Act #6, which provides for an Emergency Earth Rescue Administration, to prevent climatic and environmental catastrophe in time to avert the onset of a new ice age.
* Plans for Earth Rescue Teams, to mobilize the support and participation necessary for ratification and implementation of the Earth Constitution, and of the specific solutions mentioned above, together with solutions to other world problems within the context of world federation and world government.
To obtain the acceptance and implementation of all parts of the comprehensive plan of action outlined above, requires a very massive global campaign. To carry out such a campaign requires adequate funding, in terms of hundreds of millions of equity salaries, far beyond the financial capacity of those persons who have envisioned and initiated this course of action.
Article 1. • This second session of the provisional World Parliament hereby creates a Earth Federation Funding Corporation (EFFC) for the following purposes:
1.1 To obtain loans and contributions from both public and private sources;
1.2 To disburse grants and payments to various agencies that will work to achieve a democratic non-military, world federation and federal world government and will work to design and implement peaceful solutions to world problems in the context of an emerging world federation and non-military democratic world government.
1.3 To arrange for repayment of all loans of &25 [Editorial note: & is alternate symbol for the Earth Hour unit of Earth credit and currency. &25 is value of about 1985 U.S. $500] or more by the Treasury of the soon-to-be established World Government.
1.4 The total upper limit of loans to be repaid shall not exceed &2,500,000,000 [value of about 1985 U.S. $50,000,000,000].
1.5 For purposes of launching the Earth Federation Funding Corporation, the aim is to obtain a minimum of &5000 quickly [value of about 1985 U.S. $100,000].
Article 2. • The Earth Federation Funding Corporation may contract loans as lump sums, or as annual subscriptions over a period of years. The Earth Federation Funding Corporation shall seek loans, which may be called Earth Rescue Loans, and contributions, from the following sources:
2.1 National Governments;
2.2 Cities, towns, local and regional governments;
2.3 Private Corporations;
2.4 Non-governmental organizations and associations;
Article 3. • The Directors and Officers of the Earth Federation Funding Corporation (EFFC) shall determine approval or declinations of grants and disbursements of loans to best serve and help to achieve the purposes of the EFFC, while responsible to the provisional World Parliament, the World Parliament and the provisional World Cabinet or World Cabinet. In particular, the EFFC shall make grants and disbursements to the following agencies, and to carry out the following activities, but not limited thereto:
3.1 • Agencies
3.1.1 World Constitution and Parliament Association;
3.1.2 Global Rescue Teams;
3.1.3 Provisional World Parliament;
3.1.4 World Constituent Assembly;
3.1.5 World Disarmament Agency;
3.1.6 Emergency Earth Rescue Administration;
3.1.7 World Economic Development Organization;
3.1.8 World Problems Institute & Graduate School of World Problems;
3.1.9 Provisional World Cabinet;
3.1.10 Provisional District World Courts;
3.1.11 Office of World Attorneys General;
3.1.12 World Ombudsmus
3.1.13 Earth Financial Credit Corporation;
3.1.14 Other agencies established under legislation of the provisional World Parliament, or pursuant to the Earth Constitution;
3.1.15 Other emerging agencies of the Integrative complex.
3.2 • Activities
3.2.1 Ratification and implementation of the Earth Constitution;
3.2.2 Implementation of World Legislative Act #1, to prohibit nuclear weapons and other weapons of mass destruction, and establish a World Disarmament Agency;
3.2.3 Implementation of World Legislative Act #2, for a World Economic Development Organization;
3.2.4 Implementation of World Legislative Act #6, to recapture excess carbon dioxide in the atmosphere, and to save the environment;
3.2.5 Implementation of other world legislation adopted by the provisional World Parliament.
Article 4. • The Earth Federation Funding Corporation shall manage repayment of the loans of & 25 or more [value of about 1985 U.S. $500] made to the Earth Federation Funding Corporation as follows:
Sec. 4.1 • The provisional World Parliament authorizes and directs the Treasury of the World Government, when established under the Earth Constitution (or under any other constitution for world government) to assume all loans made to the Earth Federation Funding Corporation, up to a total of &2,500,000,000 [value of about 1985 U.S. $50,000,000,000], and to begin the repayment of such loans plus interest as soon as the Earth Constitution (or any other constitution for world government) has been ratified by 50 countries, and the Treasury of the World Government has an income of &1,000,000,000 per year [value of about 1985 U.S. $20,000,000,000 per year]. Repayment may be scheduled over a 20 year period. Interest paid shall be paid on all loans to the EFFC at the rate of 10% per year on the unpaid principal balance, plus bonus interest if any, and limited to 10 years accrual from the date the loan is made. The Earth Treasury shall not pay any interest until payment on principal begins.
Sec. 4.2 • The 1991 fourth session of the World Constituent Assembly amended the Earth Constitution with Article 17, Section F., to guarantee repayment of work and costs, plus interest, of private citizens for the achievement of ratification of the Earth Constitution. To further assure the repayment of the loans made to the EFFC, this provisional World Parliament recommends to the next session of the World Constituent Assembly to amend the Earth Constitution (under Article 7, Sec. C-28; Article 8, Sec. G; and Article 17, Sec. D) to make the assumption and repayment of original value of loans plus interest to the EFFC mandatory by the Treasury of the World Government, as specified above, made not only by individuals, but also by groups, foundations, nations and organizations of any kind that ratify the Earth Constitution and make a loan.
Sec. 4.3 • If loans are made, the EFFC shall fully advise agencies and sources making loans to the EFFC of the conditional nature of repayments.
Sec. 4.4 • In order to encourage and obtain the first loans to the Earth Federation Funding Corporation, this Act authorizes the Board of Directors to devise and put into effect a downwardly graduated scale of additional annual interest above 10% to be paid to the makers of the first loans to the Earth Federation Funding Corporation, up to a loan total of &500,000,000 per source per annum [value of about 1985 U.S. ten billion dollars per source, per annum]. The additional interest paid for the first million of loans and for the next &10,000,000 of loans [value of about 1985 U.S. $200,000,000] may be substantially more than for subsequent loans up to the &500,000,000 (about 1985 U.S. ten billion) limit of loans which may receive bonus interest. Repayment of loans receiving bonus interest will be subject to the same conditions as for later loans, as defined under Article 4.1.
Article 5. • The organizational and operating structure of the Earth Federation Funding Corporation includes a Board of Directors, Officers, and Executive Committee, a Directorate, and a Central Bank.
Sec. 5.1 • This Act composes the Board of Directors of the Earth Federation Funding Corporation as follows:
5.1.1 The provisional World Parliament shall nominate 11 Parliamentary Directors to the Board of the EFFC, to serve 3 years, or until the next session of the provisional World Parliament, if the Parliament does not meet within the three years.
5.1.2 Parliamentary Directors shall elect up to 12 Directors, to serve terms of two years.
5.1.3 Sources of funding may name up to 100 Directors, to serve terms of two years, on the basis of one Director for each &500,000 of loans [value of about 1985 U.S. $10,000,000] made to the EFFC over a 5 year period. A loan subscription of $2,000,000 per year for 5 years constitutes the power to name one Director. Sources making or subscribing to less than &500,000 in loans [value of about 1985 U.S. $10,000,000] to the EFFC over a 5 year period may join with other sources in the same category to elect a Director for each combination of loans of &500,000 [value of about 1985 U.S. $10,000,000]. For purposes of this section, source categories shall be: National Governments; Towns, cities and governmental units less than national governments; private corporations; non-governmental organizations; and individuals.
5.1.4 The originating source for any particular Director shall fill any respective vacancy on the Board of Directors.
5.1.5 The Board of Directors shall adopt all necessary bylaws and rules for the proper functioning of the Earth Federation Funding Corporation.
Sec. 5.2 • The Board of Directors shall elect the Officers of the EFFC, The Officers of the EFFC include a President, two vice Presidents, a Secretary, a Treasurer, the Executive Director for the Directorate, and the Managing Director for the Central Bank. Officers shall serve terms of 2 years. The Board of Directors may elect officers for succeeding terms.
Sec. 5.3 • The Officers, the Parliamentary Directors and up to 10 additional members to be elected by the Board of Directors from among their own number compose the Executive Committee The Executive committee shall make all necessary decisions between meetings of the entire Board.
Sec. 5.4 • This Act establishes a Directorate in Lucknow, INDIA. An Executive Director shall head the Directorate. This Act assigns the Directorate to implement the Earth Federation Funding Corporation, subject to the decisions of the Board of Directors and of the Executive Committee.
In particular, the Directorate shall give directions to the Central Bank of the EFFC for the disbursement of grants and funds of the EFFC; and shall receive weekly reports from the Central Bank of the EFFC on receipts and disbursements, together with recommendations. The directions for disbursements must be in conformity with basic guidelines established by the Board of Directors of the EFFC. Any grant or disbursement of &50,000 or more [value of about 1985 U.S. $1,000,000] to a single agency or entity must be specifically approved by either the Executive Committee or the entire Board of Directors.
The Board of Directors may change the location of the Directorate, providing that a majority of the Parliamentary Directors agree. The Board of Directors shall elect an Executive Director of the Directorate, with agreement by a majority of the Parliamentary Directors. The Executive Director shall serve as an ex-officio Officer and member of the Board.
Sec. 5.5 • The provisional World Parliament, or decision of the Parliamentary Directors, shall establish a Central Bank for the EFFC in a country, countries or place most suitable for the receipt of loans and funds from all over the world, and for the disbursement of grants and payments all over the world, under the conditions of minimum difficulties in respect to regulations, taxes, currency conversions, and political freedom.
The Board of Directors shall elect a General Manager to head the Central Bank, with the agreement of a majority of the Parliamentary Directors. The General Manager of the Central Bank is an ex-officio Officer of the Directorate, and of the Executive Committee. The General Manager is the Managing Director on the Board of Directors.
The Central Bank of the EFFC shall receive loans and funds from all sources, and shall make grants and disbursements under the direction of the Directorate. The Central Bank shall make weekly reports, including recommendations, to the Directorate. The Board of Directors shall review books and accounts of the Central Bank quarterly. An independent accounting firm chosen by the Board of Directors shall audit books and accounts semi-annually. An independent accounting firm chosen by the Board of Directors may audit book and accounts at any other time decided by simple majority vote of the Board of Directors.
Sec. 5.6 • Applicants for grants from the EFFC shall submit applications to the Directorate, and send duplicate copies to the Central Bank.
Sec. 5.7 • Meetings of the Board of Directors and of the Executive Committee, in order to comprise a quorum, must include at least three of the Parliamentary Directors.
Article 6. • The Parliamentary Directors shall invite up to 300 respected persons from many countries to form a prestigious Advisory Board, and/or Board of Honorary Financial Sponsors, to give credibility, status and stability to the Earth Federation Funding Corporation.
Article 7. • The Earth Federation Funding Corporation shall begin with the following steps:
Sec. 7.1 • Three persons, completely dedicated to the purposes of the Earth Federation Funding Corporation, as defined herein, may incorporate the Earth Federation Funding Corporation.
Sec. 7.2 • Obtain from &2,500 to &5,000 or more [value of about 1985 U.S. $50,000 to $100,000] as start-up money to get the plan for the Earth Federation Funding Corporation into operation.
Sec. 7.3 • Seek the commitments of the first five national governments to support the EFFC with immediate loans (or contributions) totaling &250,000 [value of about 1985 U.S. $5,000,000], together with pledges or subscriptions to increase their loans (or contributions) to a total of &25,000,000 [value of about 1985 U.S. $50,000,000] over a five year period. The total of pledges or subscriptions by the first five may be conditional on obtaining similar support from an additional five national governments.
Sec. 7.4 • As an early priority, make grants to get the work of the Earth Rescue Teams underway, since the Earth Rescue Teams are a the key to getting the total program effectively underway.
Sec. 7.5 • As of the date of adoption of this Act, it is problematic to solicit or receive loans that are to be repaid by a future world government, because national Securities and Exchange regulations might interpret such a plan as fraudulent no matter how clearly the conditions of repayment are described, - since national governments have not yet recognized the world government. At the same time, national governments sell bonds to pay for weapons of mass destruction and related military programs, which are claimed necessary for national security, but which are clearly illegal under world law. National governments promise to repay such bonds, but if the weapons are used in a world war, most people on Earth will be killed, and the bonds will never be repaid. This appears to be quite fraudulent, compared with selling bonds to pay to establish a world government - which, if achieved, can maintain world peace.
To reach the stage of government participation, the EFFC may start by soliciting contributions instead of loans; that is, to ask for priority contributions. These may not be guaranteed by the Central Bank of the EFFC. However, the priority contributions are guaranteed under the Earth Constitution, Article 17, Section F. This Act requires the EFFC, the Central Bank, and any independent accounting firm contracted to audit the books and accounts of the Central Bank, to faithfully account for all contributions made to the EFFC. The World Court may determine that violation of this provision is Unauthorized misappropriation, theft or transfer of world federal property (class 3 felony,. WLA#19),or unauthorized intentional destruction of a world government record (class 4 felony, WLA #19, WLA#25.11.1).
* * * * * * * * * *
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.
Attested: Philip Isely, Secretary (2nd & 4th sessions)
Provisional World Parliament
Eugenia Almand, JD, Secretary
Provisional World Parliament