Prohibition of unauthorized destruction of illegal financial instruments
Short title: Illegal Record Destruction Ban
Illegal financial instruments, such as bomb corporation stock, represent an investment in the illegal activities;
Unauthorized destruction of illegal financial instruments without appropriate accounting and retirement of security bolsters the illegal armaments industry, because unauthorized destruction of illegal instruments to avoid prosecution or for any other purpose locks the value into any active corporation that issued the instrument. The market perceives the lost instruments as being still invested, and simply unretired (unredeemed) ;
Unauthorized destruction may also be regarded as destruction of evidence of world federal crime.
Therefore, this 10th session of the provisional World Parliament prohibits unauthorized destruction of illegal financial instruments.
1. Private persons, groups, organizations, and agencies of Earth Federation must not simply destroy the illegal instruments without appropriate Earth Federation accounting, disposition and retirement of securities (unauthorized destruction – class 6 felony). Original stock certificates, holding certificates, related transaction records and financial documents are subject to this act.
2. Persons may declare the illegal instruments and assign the proceeds of retired instruments, together with the documentation of the retirement, to the World Disarmament Agency Earth Federation Funding Corporation (EFFC) office for immediate accounting of the retirement of security. Persons shall submit the original documentation available and retain a copy for their personal records.
3. Brokers retiring illegal securities properly through the World Disarmament Agency, and making the required fee payments are exempt from prosecution for the brokerage as retirement of the security back to its originating corporation.
4. This Act establishes conditional amnesty for corporation representatives who promptly comply with the provisions of this act.
4.1. For consideration of amnesty, the corporation or its representatives shall clearly stamp VOID on the face of any retired illegal security, but not to obstruct any names or other information.
4.2. The corporation and its representatives shall submit the original retired voided security, to the World Disarmament Agency.
4.3. The World Disarmament Agency shall keep both voided illegal financial instruments, and any other document records of the retired security in a secure impound accessible to the Investigations Department and to the World Court.
4.4. The retired voided security and the transaction records may be used as evidence in World Court trials against persons who have not earned or retained amnesty status.
5. Persons acquiring amnesty status retain that status, unless convicted of violating world law, or unless new evidence of violation of world law is obtained. Persons acquiring amnesty status are not liable in the case of the particular illegal financial instruments that have been declared retired and voided if the declaration, documentation and any required payments have been made to the World Disarmament Agency.
6. Corporations are liable for illegal actions, but the Enforcement System or World Court System shall not prosecute corporations or corporation representatives solely on the evidence of retirement of security transactions reported to the World Disarmament Agency, unless required payment is not forthcoming, in which case the Enforcement System can furthermore charge the violating company and accountable representatives with stock fraud (class 3 felony), or may charge the previous stock issuer with sale of illegal financial instruments if illegal corporation activities have not ceased (class 5 felony).
7. During the provisional stage of Earth Federation, the Enforcement System may negotiate with persons fully retiring illegal securities for amnesty and compensation in the form of indemnity bonds, as described in other world legislation.
In the case of recipients of proceeds from retired illegal securities, for amnesty the World Disarmament Agency EFFC office must receive the proceeds from the retirement. The Prosecution Department may assign indemnity bonds to be issued by the Earth Federation Funding Corporation office of the World Financial Administration for some portion of the value of the retired securities, as defined in other world legislation.
8. Bank stock liens against illegal financial instruments are included in this prohibition of unauthorized destruction of illegal financial instruments, and are subject to all the provisions of this Act, as well as to the World Legislative Act provision #13.2.15 regarding borrowing and lending for violation of world legislation.
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The Prohibition of unauthorized destruction of illegal financial instruments was adopted as World Legislative Act #39 at the 10th session of the provisional World Parliament, assembled in June 2007, at Kara, Togo, West Africa, convened in conformance with Article 19 of the Earth Constitution.
Attested: Eugenia Almand, JD, Secretary, Provisional World Parliament
May this Act reflect That Which Is
the Sovereign Will of the People of Earth!