The ‘Settlement (Vema Seamount Settled Land Act) Mount Vema 2019’, has come into operation today, as Order No.20 SI/MV2019/20, in accordance with the 2006 Declaration of Sovereignty, after receiving the Royal Mount Vema Seal of Approval on the 21st of January 2019.
The legislation is an Act relating to power to grant land for public and charitable purposes, powers of tenants for life, power for tenant for life to enter into contracts, powers of sale and exchange, regulations related to rents of land for building, and fishing, and matters relating to general settlement in the Kingdom of Mount Vema – The Vema Seamount Territory.
The Act also defines what is settled land and what constitutes a settlement within the Vema Seamount Territorial Waters, including a deed, will, agreement for a settlement or other agreement, as well as the duration of settlements and any limitation, charge, or power of charging under the settlement.
The government has unveiled plan to keep the lights on until the City of Mount Vema tidal power plant project is completed. The news comes after rumours that vonMelyn the energy provider licensed to keep the lights on in the territory asked for an extension to the deadline.
In a statement issued today, the government confirmed the rumours and said that it is working to build a society free from blackouts, and that electricity generators will be ordered this year to keep the lights on until the Tidal Power Plant is ready.
The City of Mount Vema tidal power plant project is expected to be completed before 2020. Construction of some parts and components of the Plant proposed by vonMelyn – the utility company of Mount Vema has started in December 2018 and will be completed just before 2020, but the assembling of the actual Plant depends on the other parts of the overall project including foundation infrastructures.
The Power Plant Project is designed to become a reliable source of electricity for the entire City of Mount Vema, and according to the company's plans, the output of the City of Mount Vema Power Plant network which will operate 24 hours a day will exceed 3200 MW with a power capacity the equivalent of just over 1 million homes. More than the capacity the territory will need to keep the lights on 24/7, with any excess energy to be stored for later.
Order No.19 SI/MV2019/19, Law of Property (Vema Seamount) Act, Mount Vema 2019 came into operation to make provisions related to conveyancing and the law of property in the Kingdom of Mount Vema.
The legislation defines “land” within the Vema Seamount Territorial waters as a unit (body of water) which is allocated by a postal code for administrative purposes within a district zone. Including any terminal, floating structure or other works within a harbor at which ships can obtain shelter or ship and unship goods or passengers in the Kingdom of Mount Vema national waters, including anything afloat (other than a ship) if it is anchored or attached to the sea bed or any such waters in accordance with subsections 130B.3(a) and 131.5 of the Merchant Marine and Shipping Act, Mount Vema 2017.
The Act also includes provisions related to legal rentcharge, freeholds, leaseholds, bankruptcy, conveyance, wills, legal estates, equitable interests, legal powers include the powers vested in a chargee by way of legal mortgage or in an estate owner under which a legal estate can be transferred or created.
Although the currency of Mount Vema is a nonconvertible currency, used primarily for internal/domestic transactions and not openly traded on a world forex market, other than the Gollexi. The Bank of Mount Vema announced today that the financial system of the Kingdom of Mount Vema is ready to support processing of Golle-payments in 130+ currencies.
The announcement was also an indication of the Government’s plan to keep the Mount Vema currency mostly as nonconvertible, as part of the evolutionary process of the Kingdom of Mount Vema and, to maintain a protection to the financial system that could be susceptible to sharp movements in the economy at this stage.
Currently, the Mount Vema currency can only be converted into a selected number of leading currencies by any individual or organization with a Mount Vema bank account, a GolleCard account or from authorized and regulated foreign exchange agents. When converting currency through your Mount Vema bank account, you need to check first which currencies are convertible.
The Mount Vema financial system now supports processing Golle-payments in 130+ currencies, allowing Mount Vema bank account holders to receive payments or businesses to charge customers in their native currency while receiving funds in golles. This is especially helpful if a business has a global presence, as charging in a customer’s native currency can increase sales.
From your Mount Vema bank account, or if you use a Mount Vema credit card, debit card or GolleCard, you need to know which currencies you can use to transfer funds out of your Mount Vema bank account, or for making charges in foreign currency. Some currencies can be converted at any time like the U.S. Dollar, the Australian Dollar, the Brazilian Real, the British Pound Sterling, Canadian Dollar, the Danish Krone, the Euro, Hong Kong Dollar, the Japanese Yen, the New Zealand Dollar, the Norwegian Krone, the Polish Zloty, the Singapore Dollar, the Swedish Krona, and the Swiss Franc, but other currencies may be added to the system only from time to time.
Seven years from now, you will need to invest more than $1 million USD (about 500,000 golles) to entitle you to residency and full Mount Vema citizenship. That is more than what you need now, as a property investment, bond investment or deposit that sum in a Mount Vema bank account can get you started.
But why are so many people applying to take advantage of this? The answer is passports. According to an independent research published by economists at the Gollexi (Mount Vema Stock Exchange), the Mount Vema passport is expected to become one of the strongest passports in the world.
Mount Vema passport holders are expected to be able to travel to more than 160 countries by 2025 without the need for pre-visa requirements. The results published by the Gollexi is no surprise. It has always been expected by His Mount Vema Majesty’s Government due to the estimated strength of the Mount Vema economy by 2025 as its citizens are expected to be the most active seeking global investment opportunities and tourism.
The Powers of Attorney (Vema Seamount) Act, Mount Vema 2019 has come into operations today as Order No.18 SI/MV2019/18 just hours after the Royal Mount Vema Seal of Approval was granted. Made: 17th of December 2018, in accordance with the Vema Seamount Declaration of Sovereignty.
The Act was introduced to pave the way for the Mount Vema Law of Property to be introduced this month, and to make provision in relation to powers of attorney and the delegation by trustees of their trusts, powers and discretions in the Kingdom of Mount Vema.
The legislation includes execution of powers of attorney, proof of instruments creating powers of attorney, powers of attorney given as security, protection where power of attorney is revoked, and protection for transferees under stock exchange transactions.