TRIBAL COOPERATIVE ACT Bill No: ENR-2024-001 - Echadi Nation Republic Parliament

TRIBAL COOPERATIVE ACT Bill No: ENR-2024-001

Bill No: ENR-2024-001

Enacted by the Parliament of the Echadi Nation Republic

Enacted on November 9, 2024

Preamble

The Tribal Cooperative Act is enacted by the Parliament of the Echadi Nation Republic to establish a comprehensive legal framework governing tribal cooperative financial institutions. This Act provides for the creation, regulation, and administration of the Echadi Financial Cooperative, a sovereign financial institution operating under the jurisdiction of the Echadi Nation Republic.

This Act formalizes the use of the Echadi Dollar (ECD) as the exclusive private currency of the Cooperative and establishes financial standards, governance structures, and compliance mechanisms, including Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) safeguards, in alignment with sovereign economic policies.

Section 1: Title and Purpose

1.1 Title

This Act shall be cited as the Tribal Cooperative Act of 2024 and shall serve as the governing framework for financial, legal, and operational compliance for the Echadi Financial Cooperative.

1.2 Purpose

The purpose of this Act is to establish the legal foundation for financial operations within the Echadi Financial Cooperative, facilitate the issuance, maintenance, and use of the Echadi Dollar (ECD) as a private, sovereign currency, ensure financial independence and economic security for members through savings, loans, and investments, enforce AML/CFT compliance and financial stewardship, promote financial literacy, wealth-building, and equitable economic opportunities for all members, and protect member assets, investments, and sovereignty under the laws of the Echadi Nation Republic.

Section 2: Definitions

For the purpose of this Act, the following definitions apply:

The term “Tribal Cooperative” refers to the Echadi Financial Cooperative, a sovereign financial institution established by the Echadi Nation Republic.

The term “Echadi Dollar (ECD)” refers to a sovereign, private, member-exclusive currency issued and managed by the Echadi Financial Cooperative.

The term “Member” refers to an individual, business, or tribal entity that has been granted membership status in the Echadi Financial Cooperative.

The term “Board of Trustees” refers to the governing body responsible for overseeing financial, legal, and strategic operations.

The term “Lending Authority” refers to the financial mechanism by which the Echadi Financial Cooperative extends credit to members.

The term “Minister of Economics and Engineering” refers to the government office within the Echadi Nation Republic responsible for managing ECD issuance, reserves, and financial audits.

The term “Private Financial Services” refers to any financial services provided exclusively to members of the Echadi Financial Cooperative.

The term “Reserve Requirements” refers to the portion of financial assets maintained in reserves to ensure solvency and liquidity.

The term “AML/CFT Compliance” refers to policies and enforcement measures designed to prevent financial crimes, money laundering, and terrorism financing.

The term “Tribal Financial Oversight Authority (TFOA)” refers to the regulatory body responsible for ensuring financial compliance within the Echadi Nation Republic.

Section 3: Sovereignty and Jurisdiction

The Echadi Financial Cooperative operates under the full sovereignty of the Echadi Nation Republic and is not subject to external financial regulations unless agreed upon by treaty or contract.

This Act shall be interpreted in accordance with the Echadi Nation Republic Constitution, Unit X, Article 5 (Judicial Procedures), and Unit VIII, Article 3 (Appeals).

No external authority may interfere with the internal financial affairs of the Cooperative, and all disputes shall be resolved within the jurisdiction of the Echadi Nation Republic Jural Society.

Section 4: Membership

4.1 Membership Eligibility

Membership in the Echadi Financial Cooperative shall be reserved for citizens of the Echadi Nation Republic, individuals and entities who align with the mission of the Cooperative, and members who agree to comply with financial bylaws, AML/CFT provisions, and governance rules.

4.2 Application Process

The application process shall require the submission of proof of identity and eligibility, as well as the payment of membership dues as set by the Board of Trustees.

4.3 Member Rights and Responsibilities

Members shall have the right to access all financial services, including loans and savings programs, and to participate in governance through voting rights.

Members shall have the responsibility to comply with all financial laws and AML/CFT guidelines and to maintain their accounts in good standing.

Section 5: Financial Operations

5.1 Issuance of Echadi Dollar (ECD)

The Minister of Economics and Engineering shall regulate and oversee the issuance of the Echadi Dollar (ECD), ensuring financial stability and liquidity.

5.2 Lending Policies

Loans shall be issued based on strict financial evaluation and shall be granted for purposes including land acquisition, business development, and educational investments.

5.3 Reserve Requirements

A minimum of ten percent of all deposits shall be maintained in liquid reserves.

Section 6: AML/CFT Compliance

Transactions shall be monitored for financial irregularities and suspicious activity, and reports shall be submitted to the Tribal Financial Oversight Authority.

Penalties for violations of AML/CFT policies shall include fines, account suspension, or expulsion from the Cooperative.

Section 7: Governance and Oversight

The Board of Trustees shall oversee governance, compliance, and strategic financial decisions.

Section 8: Tax Structure and Revenue Model

The Echadi Financial Cooperative shall operate as a tax-exempt entity within the jurisdiction of the Echadi Nation Republic.

Section 9: Dispute Resolution

All disputes shall be resolved by the Tribal Financial Arbitration Board.

Section 10: Amendments

Amendments to this Act shall require approval by a two-thirds majority vote of members or a direct Parliamentary Order.

Section 11: Final Provisions

This Act is legally binding under the jurisdiction of the Echadi Nation Republic and its enforcement mechanisms.

Enactment and Authorization

This Act is enacted by the Parliament of the Echadi Nation Republic on November 9, 2024, under Bill No: ENR-2024-001.