The Foundation Infrastructure legislation of Mount Vema made on 4th of December, in accordance with the Vema Seamount Declaration of Sovereignty 2006, comes into operation today after receiving the Royal Mount Vema Seal of Approval granted last week Friday, on the 7th of December 2018.
The Foundation Infrastructure legislation makes provisions for the City of Mount Vema foundation infrastructure projects, the administration of breakwaters and pavements including roadways, streets and docklands. The provisions will pave the way for housing and future regeneration, and to enable building regulations and for connected purposes.
The legislation which became law of the territory today says that the Secretary of State - The Secretary for the Vema Seamount Territory may by order in accordance with the Foundation Infrastructure Act, Mount Vema 2018 appoint one or more companies as a breakwaters and pavements authority.
The legislation was not just introduced as a mechanism to create and appoint a breakwaters and pavements company, but also as the law to regulate the financing of projects related to breakwaters and pavements including roadways, streets and docklands.
The Secretary of State may provide financial assistance to a strategic breakwaters and pavements company, for the purpose of any of its functions, or to any other person, for the promotion or improvement of transport services by road in Mount Vema.
Financial assistance may be provided in such form and on such terms as the Secretary of State considers appropriate, and includes in particular grants, loans, and guarantees. In the case of a grant or a loan, it includes terms as to repayment, and in the case of a guarantee, it includes terms as to reimbursement.