Treasury and Economic Regulation Statute, 2026

ENACTED by the Koru of the Hokorian State under the authority of the Council of Officers Charter.

Part I- Preliminary

Section 1- Short Title

1. This Statute may be cited as the Treasury and Economic Regulation Statute, 2026.

Section 2- Commencement

1. This Statute shall come into force on a date appointed by the Koru of the Hokorian State.

Section 3- Interpretation

1. “State” means the Hokorian State.
2. “Treasury” means the Office of the Treasury established under this Statute.
3. “Public funds” means money or assets belonging to or controlled by the State.
4. “Economic regulation” means regulation relating to finance, currency, trade, taxation or public expenditure.
5. “National Fiscal Commission” means the body established under Part IV.

Part II- Sovereign Fiscal Authority

Section 4- Sovereign Authority over Public Funds

1. Ultimate authority over public funds rests with the Koru.
2. No expenditure, levy or financial obligation shall exist except by authority recognised under this Statute or by Constitutional Order.

Section 5- Delegation of Fiscal Functions

1. The Koru may delegate fiscal or economic functions to:
   • the Lord High Treasurer;
   • the Treasury;
   • the National Fiscal Commission; or
   • any other office, body or person.
2. Delegation may be general or specific.
3. Delegation may be withdrawn or modified at any time.

Part III- The Treasury

Section 6- Establishment of the Treasury

1. The Office of the Treasury is established as an office of the State.
2. The Treasury operates under the authority of the Koru and within the Koru’s Office.
3. The Treasury has responsibility for:
   • collecting taxes, duties and monies due to the State;
   • administering public expenditure where authorised;
   • enforcing financial and revenue laws; and
   • investigating financial offences, including counterfeiting.

Section 7- The Lord High Treasurer

1. The position of Lord High Treasurer is established.
2. The Lord High Treasurer is the head of the Treasury.
3. The Lord High Treasurer shall be appointed and dismissed by the Koru.
4. The Lord High Treasurer may:
   • direct the operations of the Treasury;
   • propose fiscal or economic measures to the Koru;
   • exercise such delegated authority as the Koru determines.

Part IV- National Fiscal Commission

Section 8- Establishment of the Commission

1. The National Fiscal Commission is established.
2. The Commission consists of:
   • the Koru;
   • the Lord High Treasurer; and
   • such other officers as the Koru may designate.
3. The Commission may operate with fewer than its full complement.

Section 9- Functions of the Commission

1. The Commission may:
   • oversee public finances;
   • review significant fiscal decisions;
   • coordinate between the Treasury and other offices of the State;
   • exercise such other functions as delegated by the Koru.
2. Any approval or direction of the Commission is binding only where expressly required.

Part V- Public Funds and Expenditure

Section 10- Control of Public Funds

1. Public funds shall be held and applied for the purposes of the State.
2. The custody and management of public funds shall be as determined by law or instrument.

Section 11- Expenditure and Emergency Authority

1. Expenditure of public funds shall occur only where authorised by:
   • statute;
   • regulation made under statute; or
   • instrument issued by or under authority of the Koru.
2. In an emergency, the Koru may authorise expenditure notwithstanding any other provision.

Part VI- Revenue and Economic Regulation

Section 12- Revenue and Levies

1. Taxes, fees, charges or levies may be imposed only where authorised by statute or Constitutional Order.
2. Assessment, collection and enforcement shall be as provided by law or regulation.

Section 13- Economic Regulation

1. Economic activity may be regulated in the interests of:
   • stability;
   • security;
   • fairness; or
   • continuity of the State.
2. No economic freedom exists except as recognised by law.

Part VII- Oversight and Continuity

Section 14- Records and Oversight

1. Financial records shall be kept to the extent practicable.
2. Oversight may be exercised by the Koru or the National Fiscal Commission.

Section 15- Continuity of Fiscal Authority

1. Fiscal authority shall continue notwithstanding vacancy of office or administrative disruption.
2. Where necessary, the Koru may assume any fiscal function.

Part VIII- Final Provisions

Section 16- Regulations

1. Regulations may be made for the purposes of this Statute.

Section 17- Relationship to Other Law

1. This Statute shall be interpreted consistently with the Sovereignty and Koru Charter and the Council of Officers Charter.
2. This Statute may be amended, suspended or repealed in accordance with the Council of Officers Charter.